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Short High-Yield Municipal Index ETF SHYD

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

    Management Style: Sampling

    Underlying Index: The Barclays Municipal High Yield Short Duration Index (BMHYTR)

    Index Provider: Barclays

    Index Description: BMHYTR 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

      SHYD
    • Exchange

      NYSE Arca
    • Commencement

      01/13/2014
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      BMHYTR
    • Index Rebalancing

      Monthly
  •  
    as of 10/31/14

    • 30-Day SEC Yield1

      3.21%
    • Total Net Assets

      $71.3M
    • Number of Holdings

      216
    • Options

      Expected
    • Gross Expense Ratio2

      0.35%
    • Net Expense Ratio/TER2

      0.35%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      11/28/2014
  • Index Key Points

    The Barclays Municipal High Yield Short Duration Index (BMHYTR) comprises: 

    More than 1,500 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 1 to 10 years. 
    • Dated-date after 12/31/90.

    Index Provider: Barclays

    Inception Date:  01/14/2013 

  • Index Profile

    • Ticker

      BMHYTR
    • Inception Date

      01/14/2013
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 10/30/14

    • Yield to Worst

      3.34%
    • Yield to Maturity

      4.07%
    • Effective Duration (yrs)

      3.38
    • Modified Duration (yrs)

      3.40
    • Duration to Worst (yrs)

      2.80
    • Spread Duration (yrs)

      2.92
    • Years to Maturity

      6.72
    • Coupon

      5.19%
    • AMT

      11.94%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%)as of 09/30/14

    Total Constituents: 1484
    Constituent Name
    Coupon
    Maturity Weighting (%)
    IOWA FIN AUTH MIDWESTERN DISAS
    5.000
    12/01/2019
    3.49
    IOWA FIN AUTH MIDWESTERN DISAS
    5.000
    12/01/2022
    3.20
    Tobacco Setlmnt Funding Corp N
    4.000
    06/01/2023
    2.64
    MS Business Fin Corp
    4.000
    12/01/2028
    1.73
    Tsasc Inc NY
    4.000
    06/01/2022
    1.57
    NJ Economic Dev Auth S
    4.000
    09/15/2019
    1.47
    NJ Economic Dev Auth S
    5.000
    09/15/2023
    1.30
    Port Auth, NY & NJ Spl Oblig
    6.000
    10/01/2019
    1.25
    NEW YORK ST URBAN DEV CORP CTF
    4.000
    02/01/2015
    0.94
    CA Co, CA Tob Secu
    5.000
    06/01/2021
    0.70
    Top 10 Total (%)18.29
    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

      12.4
    • OH

      10.1
    • NJ

      8.2
    • IA

      7.4
    • NY

      6.6
    • TX

      6.3
    • AL

      5.1
    • PA

      5.0
    • PR

      4.9
    • IL

      4.3
    • FL

      3.8
    • MI

      2.3
    • IN

      2.3
    • LA

      2.0
    • AZ

      1.4
    • CO

      1.4
    • MD

      1.2
    • MA

      1.1
    • KY

      1.0
    • VA

      0.9
  • Index Sector Weightings (%)
    as of 02/28/14

    • Sector

      % of Net Assets
    • IDR/PCR

      25.4
    • Special Tax

      15.8
    • Health Care Facilities

      15.0
    • State General

      9.5
    • Power Utilities

      9.3
    • Transportation

      9.1
    • Leasing

      6.7
    • Education

      3.4
    • Water Utilities

      2.7
    • Local General

      1.8
    • Housing

      1.0
    • Resource Recovery

      0.2
  • Index Credit Quality (%)
    as of 09/30/14

    Composite % of Net Assets
    Investment Grade BBB 23.00
    Non-Investment Grade BB 30.32
    B 19.67
    CCC 2.14
    CC 0.31
    C 0.07
    Total Investment Grade 23.00
    Total Non-Investment Grade 52.51
    Not Rated 22.49
    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: 7.26 Years