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High-Yield Municipal Index ETF HYD

  • Full Name: Market Vectors®
    High-Yield Municipal Index ETF (HYD®)

    Management Style: Sampling

    Underlying Index: The Barclays Municipal Custom High Yield Composite Index (LMEHTR)

    Index Provider: Barclays

    Index Description: LMEHTR is calculated using a market value weighting methodology and it tracks the high-yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a 25% weight in Baa/BBB-rated investment grade municipal bonds for liquidity and balance.

  •  
      

    • Fund Ticker

      HYD
    • Exchange

      NYSE Arca
    • Commencement

      02/04/2009
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMEHTR
    • Index Rebalancing

      Monthly
    • Preliminary NAIC
      Designation7

      4
  •  
    as of 10/22/14

    • 30-Day SEC Yield1

      4.68%
    • Total Net Assets

      $1.3B
    • Number of Holdings

      705
    • Options

      Available
    • Gross Expense Ratio2

      0.35%
    • Net Expense Ratio/TER2

      0.35%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      10/31/2014

    1, 2, 7 See Important Disclosure

  • Index Key Points

    The Barclays Municipal Custom High Yield Composite Index (LMEHTR) comprises: 

    More than 4,000 bonds drawn primarily from revenue sector, but also from general obligation sector.

    Issues eligible for inclusion in Index:  

    • Outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade.
    • 25% of index in investment grade triple-B bonds issued as part of transaction sizes of at least $100 million in value; 50% of index in non-investment grade bonds issued as part of transaction of at least $100 million; 25% of index in non-investment grade bonds issued as part of transaction of $20-$100 million in size.
    • Fixed rate.
    • Nominal maturity of greater than 1 year.
    • Dated-date after 12/31/90.

    Index Provider: Barclays

  • Index Profile
     

    • Ticker

      LMEHTR
    • Inception Date

      06/30/2008
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 10/22/14

    • Yield to Worst

      5.04%
    • Yield to Maturity

      5.63%
    • Effective Duration (yrs)

      9.37
    • Modified Duration (yrs)

      8.88
    • Duration to Worst (yrs)

      6.55
    • Spread Duration (yrs)

      6.44
    • Years to Maturity

      20.19
    • Coupon

      5.40%
    • AMT

      9.48%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%)as of 09/30/14

    Total Constituents: 4445
    Constituent Name
    Coupon
    Maturity Weighting (%)
    Buckeye, OH Tob Setlmnt Fi
    5.000
    06/01/2047
    1.33
    Golden St. Tob Securitization C
    5.000
    06/01/2047
    1.31
    Tobacco Setlmnt Funding Corp N
    5.000
    06/01/2041
    1.22
    Buckeye, OH Tob Setlmnt Fi
    5.000
    06/01/2024
    0.83
    Buckeye, OH Tob Setlmnt Fi
    6.000
    06/01/2047
    0.80
    Buckeye, OH Tob Setlmnt Fi
    5.000
    06/01/2030
    0.72
    Golden St. Tob Securitization C
    4.000
    06/01/2027
    0.67
    Tobacco Setlmnt Funding Corp N
    4.000
    06/01/2034
    0.66
    Golden St. Tob Securitization C
    5.000
    06/01/2047
    0.66
    Golden St. Tob Securitization C
    5.000
    06/01/2033
    0.64
    Top 10 Total (%)8.84
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%)
    as of 09/30/14

    • State

      % of Net Assets
    • CA

      16.9
    • NY

      8.5
    • OH

      7.6
    • TX

      7.2
    • NJ

      6.4
    • FL

      4.7
    • PR

      4.3
    • IL

      3.8
    • PA

      3.3
    • AL

      3.0
    • IA

      2.9
    • MI

      2.7
    • LA

      2.3
    • AZ

      2.0
    • IN

      1.9
    • VA

      1.8
    • CO

      1.7
    • MD

      1.6
    • GU

      1.4
    • MA

      1.2
  • Index Sector Weightings (%)
    as of 09/30/14

    • Sector

      % of Net Assets
    • IDR/PCR

      39.9
    • Health Care Facilities

      24.0
    • Special Tax

      11.0
    • Transportation

      8.4
    • Education

      5.0
    • Water Utilities

      3.9
    • Power Utilities

      2.4
    • State General

      1.8
    • Leasing

      1.4
    • Housing

      1.3
    • Local General

      0.7
    • Resource Recovery

      0.1
  • Index Credit Quality (%)
    as of 09/30/14

    Composite % of Net Assets
    Investment Grade BBB 25.00
    Non-Investment Grade BB 24.90
    B 23.60
    CCC 2.56
    CC 0.11
    C 0.03
    Total Investment Grade 25.00
    Total Non-Investment Grade 51.20
    Not Rated 23.80
    Barclays Composite Rating: A blend of a security's Moody's, S&P, and Fitch ratings. If all three agencies rate the security, the middle rating is taken. If only two agencies rate a security, the lower rating is taken. If only one agency rates a security, that rating is used. Not rated indicates that a security is rated by fewer than one of the three rating agencies. This composite is not intended to be a credit opinion.
  • Maturity (%) as of 09/30/14

    Average Maturity: 20.25 Years