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Treasury-Hedged High Yield Bond ETF THHY

  • Full Name: Market Vectors®
    Treasury-Hedged High Yield Bond ETF (THHY)

    Management Style: Sampling

    Underlying Index: The Market Vectors® US Treasury-Hedged High Yield Bond Index (MVTHHY)

    Index Provider: Market Vectors Index Solutions

    Index Description: MVTHHY is designed to provide exposure to below investment grade corporate bonds, denominated in U.S. dollars; that are, through the use of Treasury notes, hedged against rising interest rates.

  •  
      

    • Fund Ticker

      THHY
    • Exchange

      NYSE Arca
    • Commencement

      03/21/2013
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      MVTHHY
    • Index Rebalancing

      Monthly
  •  
    as of 12/17/14

    • 30-Day SEC Yield1

      5.19%
    • Total Net Assets

      $9.6M
    • Number of Holdings

      96
    • Options

      Expected
    • Gross Expense Ratio2

      1.78%
    • Net Expense Ratio/TER2

      0.50%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      12/26/2014
  • Key Points

    • Designed to hedge the risk of rising interest rates while offering income potential from high-yield bonds 

    • Offers near-zero duration by tracking an index that combines high-yield bonds with short positions in 5-Year U.S. Treasury notes 

    • Presents relatively greater risk of loss than unhedged high-yield bond funds in "risk-off" environment: when U.S. Treasuries rally and high-yield bonds decline
  • Yields
    as of 12/17/14

    • 30-Day SEC Yield1

      5.19%
    • Distribution Yield1

      4.67%
    • 12-Month Yield1

      4.62%
     1 See Important Disclosure for definitions.
  • Fees & Expenses2

    • Management Fee

      0.45%
    • Other Expenses

      1.33%
    • Short Interest Expense and Cost to Borrow

      --
    • Acquired Fund Fees and Expenses

      --
    • Gross Expense Ratio

      1.78%
    • Fee Waivers and
      Expense Reimbursement

      -1.28%
    • Net Expense Ratio/TER2

      0.50%
    2Expenses for the Fund are capped contractually at 0.50% until 09/01/15. Cap excludes certain expenses, such as interest and costs to borrow on securities sold short. TER, or Total Expense Ratio, is also referred to as "Net Expense Ratio". See Important Disclosure for more information.
  • Trading Information

    • Fund Ticker

      THHY
    • Index Total Return Ticker

      MVTHHY
    • NAV

      THHYNV
    • Intraday NAV (IIV)5

      THHYIV
    • Shares Outstanding

      400,000
    • Estimated Cash

      THHYEU
    • Total Cash

      THHYTC
    • CUSIP

      57061R775
    • ISIN

      US57061R7750
    5See IIV Details. Source: Bloomberg
  • Fundamentals4
    as of 12/16/14

    • Yield to Worst

      6.30%
    • Yield to Maturity

      6.49%
    • Effective Duration (yrs)

      0.21
    • Years to Maturity (yrs)

      7.17
    • Coupon

      6.93%
     4 See Important Disclosure for definitions.
  • Prices as of 12/17/14

    NAV/
    Last Price
    Volume
    30-Day Avg./
    Last Trading Day
    Daily Change
    NAV/
    Last Price
    YTD Change
    NAV/
    Last Price
    Premium/
    Discount
    Prem/Discount
    Distribution Charts
    NAV &
    Prem/Discount
    History
    NAV
    Chart
    THHY $23.90
    $23.53
    7,846
    640
    $0.34 / +1.45%
    $-0.02 / -0.08%
    -2.7%
    -4.2%
    $-0.37
    -1.54%
  • View All Indices » View All ETFs » Performance History: Average Annual Total Returns* (%)

    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    03/21/13
    THHY (NAV) -1.36 -2.30 1.74 2.26 -- -- -- 3.09
    THHY (Share Price) -2.62 -4.14 0.24 0.51 -- -- -- 2.19
    MVTHHY (Index) -1.49 -2.69 0.95 2.67 -- -- -- 3.74
    Performance Differential (NAV - Index) 0.13 0.39 0.79 -0.41 -- -- -- -0.65
    After Tax Held -- -- -- -0.06 -- -- -- 1.29
    After Tax Sold -- -- -- 1.29 -- -- -- 1.55
    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    03/21/13
    THHY (NAV) -1.71 -1.75 2.35 5.13 -- -- -- 3.84
    THHY (Share Price) -3.23 -6.54 1.19 3.90 -- -- -- 3.07
    MVTHHY (Index) -1.85 -1.90 1.81 5.98 -- -- -- 4.74
    Performance Differential (NAV - Index) 0.14 0.15 0.54 -0.85 -- -- -- -0.90
    After Tax Held -- -- -- 2.88 -- -- -- 2.05
    After Tax Sold -- -- -- 2.90 -- -- -- 2.12
  • View All Holdings »Top 10 Long Holdings (%)as of 11/30/14

    Total Holdings: 95
    Holding Name
    Coupon
    Maturity
    Composite
    Rating
    Currency
    % of Net
    Assets
    Hca Inc
    6.500
    02/15/2020
    BB
    USD
    2.87
    Ally Financial Inc
    8.000
    11/01/2031
    BB-
    USD
    2.58
    Sprint Nextel Corp
    9.125
    03/01/2017
    B+
    USD
    2.32
    Sprint Nextel Corp
    8.375
    08/15/2017
    B+
    USD
    2.30
    First Data Corp
    12.625
    01/15/2021
    CCC+
    USD
    2.21
    Dish Dbs Corp
    5.875
    07/15/2022
    BB-
    USD
    2.15
    Sabine Pass Liquefaction Llc
    5.625
    02/01/2021
    BB
    USD
    2.13
    Tenet Healthcare Corp
    4.750
    06/01/2020
    BB-
    USD
    2.12
    International Lease Finance Corp
    8.750
    03/15/2017
    BB
    USD
    1.75
    Frontier Communications Corp
    8.250
    04/15/2017
    BB-
    USD
    1.73
    Top 10 Total (%)22.16

    †See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

  • View All Holdings »Short Holdings as of 11/30/14

    Total Holdings: 1
    Holding Name
    Contracts
    Notional Amount
    (US$)
    Market Value
    (US$)
    Us 5yr Note (Cbt) Dec14
    -81
    -9,736,453
    -9,736
    Total-9,736

    These are not recommendations to buy or to sell any security. Securities and holdings may vary.

  • Credit Quality (%)
    as of 11/30/14

    Composite % of Net Assets
    Non-Investment Grade BB 51.22
    B 33.88
    CCC 11.34
    C 0.18
    Total Non-Investment Grade 96.62
    Not rated 3.38
    Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. The credit breakdown presented above includes only the aggregate of the long positions.
  • Maturity (%) as of 11/30/14

    Average Portfolio Maturity: 7.19 Years

    *Maturity breakdown presented above only includes the Long Portfolio of the Fund. Years to Maturity is the length of time until a fixed-income investment returns its original investment.