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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 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
    • Index Total Return Ticker

      MVTHHY
    • Index Provider

      Market Vectors Index Solutions
    • Total Net Assets

      $10.2M
    • Shares Outstanding

      400,000
    • Number of Holdings

      68
    • Commencement Date

      03/21/2013
  •  
    as of 04/16/14

  • Key Points

    • Combines the more liquid portion of the high-yield bond universe with short positions in 5-Year U.S. Treasury Notes 

    • Offers income potential during low-interest rate environments  

    • Presents significant risk of loss in "risk-off" environment: when U.S. Treasuries rally and high-yield
      bonds decline
  • Yields
    as of 04/16/14

    • 30-Day SEC Yield1

      3.80%
    • Distribution Yield1

      4.50%
    • 12-Month Yield1

      3.30%
     1 See Important Disclosure for definitions.
  • Fees & Expenses2

    • Management Fee

      0.45%
    • Other Expenses

      3.04%
    • Short Interest Expense and Cost to Borrow

      0.30%
    • Acquired Fund Fees and Expenses

      --
    • Gross Expense Ratio

      3.79%
    • Fee Waivers and
      Expense Reimbursement

      (2.99)%
    • Net Expense Ratio

      0.80%
    2Expenses for the Fund are capped contractually at 0.50% until 09/01/14. Cap excludes certain expenses, such as interest and costs to borrow on securities sold short. 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 04/15/14

    • Yield to Worst

      4.27%
    • Yield to Maturity

      5.04%
    • Effective Duration (yrs)

      -0.51
    • Modified Duration (yrs)

      -0.32
    • Duration to Worst (yrs)

      -0.89
     4 See Important Disclosure for definitions.
  • Prices as of 04/16/14

    TickerNAV/
    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 $25.58
    $25.73
    20,442
    587
    $0.03 / +0.1%
    $0.10 / +0.4%
    + 0.9%
    + 1.4%

    $0.15
    0.57%
  • 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) 0.61 3.27 3.27 7.09 -- -- -- 6.68
    THHY (Share Price) 2.24 3.75 3.75 7.30 -- -- -- 7.18
    MVTHHY (Index) 0.78 2.38 2.38 8.05 -- -- -- 7.71
    Performance Differential (NAV - Index) -0.17 0.89 0.89 -0.96 -- -- -- -1.03
    After Tax Held -- -- -- 5.30 -- -- -- 4.95
    After Tax Sold -- -- -- 3.98 -- -- -- 4.29
    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    03/21/13
    THHY (NAV) 0.61 3.27 3.27 7.09 -- -- -- 6.68
    THHY (Share Price) 2.24 3.75 3.75 7.30 -- -- -- 7.18
    MVTHHY (Index) 0.78 2.38 2.38 8.05 -- -- -- 7.71
    Performance Differential (NAV - Index) -0.17 0.89 0.89 -0.96 -- -- -- -1.03
    After Tax Held -- -- -- 5.30 -- -- -- 4.95
    After Tax Sold -- -- -- 3.98 -- -- -- 4.29
  • View All Holdings » Top 10 Long Holdings (%) as of 03/31/14

    Total Holdings: 68
    Holding Name
    Coupon
    Maturity
    Composite
    Rating
    Currency
    % of Net
    Assets
    Ally Financial Inc
    8.000
    11/01/2031
    BB-
    USD
    4.33
    Hca Inc
    6.500
    02/15/2020
    BB
    USD
    3.85
    First Data Corp
    12.625
    01/15/2021
    CCC+
    USD
    3.57
    Dish Dbs Corp
    7.125
    02/01/2016
    BB-
    USD
    3.23
    Cco Holdings Llc / Cco Holdings Capital
    7.250
    10/30/2017
    B+
    USD
    3.19
    Cit Group Inc
    5.500
    02/15/2019
    BB-
    USD
    3.18
    Sprint Nextel Corp
    9.125
    03/01/2017
    B+
    USD
    2.33
    Cablevision Systems Corp
    8.625
    09/15/2017
    B
    USD
    2.32
    Sprint Nextel Corp
    8.375
    08/15/2017
    B+
    USD
    2.32
    International Lease Finance Corp
    8.750
    03/15/2017
    BB
    USD
    2.30
    Top 10 Total (%) 30.62

    †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 03/31/14

    Total Holdings: 1
    Holding Name
    Contracts
    Notional Amount
    (US$)
    Market Value
    (US$)
    Us 5yr Note (Cbt) Jun14
    -83
    -9,873,109
    -9,873
    Total -9,873

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

  • Credit Quality (%)
    as of 03/31/14

    Composite % of Net Assets
    Non-Investment Grade BB 46.60
    B 36.72
    CCC 13.52
    CC 0.46
    Total Non-Investment Grade 97.30
    Not rated 2.70
    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 03/31/14

    Average Portfolio Maturity: 6.67 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.