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HYD
VanEck Vectors High-Yield Municipal Index ETF

Fund Description

The VanEck Vectors® High-Yield Municipal Index ETF (HYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR), which is intended to track the overall performance of the U.S. dollar denominated high yield long-term tax-exempt bond market.

Why Munis?

 
 

  • Fund Ticker

    HYD
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMEHTR
  • Index Rebalancing

    Monthly
  • 2020 Preliminary NAIC
    Designation7

    4

 
as of 08/07/20

  • 30-Day SEC Yield1

    3.82%
  • Total Net Assets

    $2.9B
  • Number of Holdings

    1904
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly

1, 2, 7 See Important Disclosure

Index Key Points

The Bloomberg 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.
  • Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa and the Northern Mariana Islands, each individually capped from exceeding 4%.
  • Targeted 75% weight in noninvestment grade municipal bonds, a targeted 25% weight in triple-B rated investment grade municipal bonds.
  • Nominal maturity greater than 1 year.

Index Provider: Bloomberg Index Services Limited

Index Profile

  • Ticker

    LMEHTR
  • Inception Date

    06/30/2008
  • Rebalance Frequency

    Monthly

Index Fundamentals4
as of 08/07/20

  • Yield to Worst

    3.94%
  • Yield to Maturity

    4.60%
  • Effective Duration (yrs)

    7.34
  • Duration to Worst (yrs)

    5.72
  • Modified Duration (yrs)

    7.70
  • Spread Duration (yrs)

    7.00
  • Years to Maturity

    19.75
  • Coupon

    4.74%
  • AMT

    10.97%
 4 See Important Disclosure for definitions.

Top 10 Constituents (%) as of 07/31/20

Total Constituents: 7363
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full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed
IL
4.92
New Jersey St Transn Tr Fd Auth
NJ
3.76
Buckeye Ohio Tob Settlement Fing Auth
OH
2.95
Illinois St
IL
2.93
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
2.65
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
2.33
New York Transn Dev Corp Spl Fac Rev
NY
2.10
New Jersey Economic Dev Auth Rev
NJ
2.02
California Statewide Cmntys Dev Auth Rev
CA
1.84
Metropolitan Pier & Exposition Auth Ill Rev
IL
1.72
Top 10 Total (%) 27.22
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 07/31/20

  • State

    % of Net Assets
  • Illinois

    13.6
  • California

    13.0
  • New Jersey

    8.6
  • New York

    8.2
  • Ohio

    5.1
  • Texas

    5.0
  • Florida

    4.7
  • Puerto Rico

    3.6
  • Pennsylvania

    3.4
  • Colorado

    3.2
  • Wisconsin

    2.8
  • Arizona

    2.3
  • Alabama

    2.0
  • Virginia

    1.9
  • Iowa

    1.5
  • Maryland

    1.4
  • District of Columbia

    1.3
  • Dist. of Columbia

    1.3
  • Michigan

    1.2
  • Washington

    1.2

Index Sector Weightings (%) as of 07/31/20

  • Sector

    % of Net Assets
  • IDR/PCR

    27.4
  • Health Care Facilities

    20.3
  • Special Tax

    11.8
  • Education

    8.8
  • Leasing

    8.8
  • Local General

    7.8
  • Transportation

    7.4
  • State General

    3.0
  • Housing

    2.1
  • Water Utilities

    2.1
  • Power Utilities

    0.6
  • Resource Recovery

    0.1

Index Credit Quality (%) as of 07/31/20

Composite % of Net Assets
Investment Grade AAA 0.01
BBB 24.96
Non-Investment Grade BB 25.55
B 7.31
CCC 2.77
CC 0.72
C 0.04
Total Investment Grade -- 24.98
Total Non-Investment Grade -- 36.38
Not Rated -- 38.64
Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 07/31/20

 Average Maturity: 19.74 Years