CONTACT US | Follow
  • Ticker:- HYD;true;LMEHTR;
  • Ticker Group:- ETFFI_MI;false;;
  • Making News

    InvestmentNews: Muni Bond Fund Rebound Appears to Have Legs


    3/13/14: InvestmentNews’ Carol O’Donnell suggests that municipal bonds may be worthwhile for investors to examine despite poor performance during 2013. According to James Colby, municipal bond supply is normalizing and “The question is whether demand is healthy enough to absorb these additional sales without a drop in price.”

    View article » 



    The WSJ: Detroit Rattles Muni Market


    8/07/13: In light of Detroit’s recent default, The Wall Street Journal considers the wider implications of replacing older bonds with new ones that have different terms, as the city’s emergency manager suggests doing. James Colby opines, “You really break the foundation of debt markets if municipalities can freely restructure their obligations.”

    View article » 



    ETF Trends: Sell-Off in Municipal Bond ETFs May be Overdone


    6/18/13: Tom Lydon considers the shift some investors have made away from municipal bond ETFs due to anxiety about higher interest rates. It may be an “overreaction,” he writes. Lydon suggests investing in SMB and consults James Colby, who contends that “muni bonds offer attractive taxable equivalent yields.”

    View article » 



    WSJ: Should You Buy Taxable Muni Bonds?


    06/05/13: According to The Wall Street Journal, institutional investors and mutual funds that can’t capitalize on tax breaks are buying taxable munis, but MV’s James Colby says, “I don’t doubt for a moment that some of these bonds are finding their way into individual accounts.”

    View article » 



  • How to Purchase

Individual Investors

Subscribe to email updates

Subscribe now

Financial Professionals

Subscribe to email updates, or password protected financial professional-only content
email address/username
password

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 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
    • Index Total Return Ticker

      LMEHTR
    • Index Provider

      Barclays
    • Total Net Assets

      $943.6M
    • Shares Outstanding

      31,700,000
    • Number of Holdings

      529
    • Commencement Date

      02/04/2009
  •  
    as of 04/24/14

    • 30-Day SEC Yield1

      5.44%
    • Distribution Frequency

      Monthly
    • Gross Expense Ratio2

      0.35%
    • Net Expense Ratio2

      0.35%
    • Options

      Available
    • Preliminary NAIC Designation7

      4
    • Management Team »
    • HYD Fact Sheet »

    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 04/23/14

    • Yield to Worst

      5.71%
    • Yield to Maturity

      6.03%
    • Effective Duration (yrs)

      10.03
    • Modified Duration (yrs)

      9.56
    • Duration to Worst (yrs)

      7.54
    • Spread Duration (yrs)

      6.78
    • Years to Maturity

      19.81
    • Coupon

      5.39%
    • AMT

      8.84%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 03/31/14

    Total Constituents: 4829
    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 03/31/14

    • State

      % of Net Assets
    • PR

      20.0
    • CA

      14.6
    • NY

      7.8
    • TX

      6.2
    • OH

      5.4
    • NJ

      4.8
    • FL

      3.6
    • IL

      3.6
    • PA

      2.7
    • MI

      2.6
    • AL

      2.0
    • CO

      1.9
    • IA

      1.9
    • LA

      1.8
    • AZ

      1.8
    • VA

      1.6
    • IN

      1.5
    • MD

      1.3
    • MA

      1.1
    • MN

      1.0
    • Total

      87.2
  • Index Sector Weightings (%)
    as of 03/31/14

    • Sector

      % of Net Assets
    • IDR/PCR

      29.8
    • Health Care Facilities

      19.7
    • Special Tax

      11.3
    • Transportation

      9.7
    • State General

      8.1
    • Power Utilities

      5.3
    • Water Utilities

      4.7
    • Education

      4.6
    • Leasing

      4.4
    • Housing

      1.3
    • Local General

      0.9
    • Resource Recovery

      0.1
    • Total

      99.9
  • Index Credit Quality (%)
    as of 03/31/14

    Composite % of Net Assets
    BAA 25.00
    BA 34.73
    B 16.33
    CAA1/C 1.82
    NR 22.12
    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 03/31/14

    Average Maturity: 19.80 Years