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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. HYD is expected to pay monthly dividends. 

 
 

  • Fund Ticker

    HYD
  • Exchange

    Cboe
  • Commencement

    02/04/2009
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    Bank of New York Mellon
  • Index Ticker

    LMEHTR
  • Index Rebalancing

    Monthly
  • 2018 Preliminary NAIC
    Designation7

    4

 
as of 03/22/19

  • 30-Day SEC Yield1

    4.12%
  • Total Net Assets

    $2.6B
  • Number of Holdings

    1924
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    03/29/2019

1, 2, 7 See Important Disclosure

Morningstar™ Ratings3
as of 02/28/19

Category Overall 3 Year 5 Year
High Yield Muni
4 stars of 154 funds
4 stars of 154 funds
4 stars of 130 funds

Key Points

  • High-Yield Muni Focus
    Underlying Index comprised of highest-yielding municipal bonds with income generally exempt from federal taxes

  • Enhanced Liquidity Feature
    Index includes 25% BBB investment-grade exposure for enhanced liquidity

  • Diverse Sector Exposure and Low Default Rates
    Index covers wide range of muni sectors and securities with historically low default rates

Yields
as of 03/22/19

  • 30-Day SEC Yield1

    4.12%
  • Distribution Yield1

    3.85%
  • 12-Month Yield1

    4.31%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    4.68%
  • 22% Federal Tax Rate

    5.28%
  • 24% Federal Tax Rate

    5.42%
  • 32% Federal Tax Rate

    6.06%
  • 35% Federal Tax Rate

    6.34%
  • 37% Federal Tax Rate

    6.54%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.35%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.35%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.35%
2Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    HYD
  • Index Total Return Ticker

    LMEHTR
  • NAV

    HYDNV
  • Intraday NAV (IIV)5

    HYDIV
  • Shares Outstanding

    40,796,401
  • Estimated Cash

    HYDEU
  • Total Cash

    HYDTC
  • CUSIP

    92189H409
  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 03/21/19

  • Yield to Worst

    4.04%
  • Yield to Maturity

    4.69%
  • Effective Duration (yrs)

    6.72
  • Duration to Worst (yrs)

    5.30
  • Modified Duration (yrs)

    7.87
  • Spread Duration (yrs)

    6.73
  • Years to Maturity

    18.67
  • Coupon

    5.17%
  • AMT

    11.86%
 4 See Important Disclosure for definitions.

Prices as of 03/22/19

NAV/
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
HYD $62.53
$62.58
262,128
404,049
$0.22 / +0.35%
$0.28 / +0.45%
+3.22%
+3.62%
$0.05
0.07%

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 0.64 2.09 1.49 4.00 4.18 5.56 7.35 7.43
HYD (Share Price) 0.64 2.51 1.84 4.35 4.14 5.71 7.10 7.43
LMEHTR (Index) 0.57 2.18 1.27 6.57 5.43 6.78 8.69 8.73
Performance Differential (NAV - Index) 0.07 -0.09 0.22 -2.57 -1.25 -1.22 -1.34 -1.30
After Tax Held 0.64 2.09 1.49 3.98 4.15 5.54 7.31 7.39
After Tax Sold 0.53 1.69 1.19 4.17 4.21 5.38 7.04 7.11
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 0.60 -0.85 2.10 2.10 4.24 6.30 -- 7.40
HYD (Share Price) 0.66 -0.86 2.15 2.15 4.02 6.42 -- 7.36
LMEHTR (Index) 0.90 0.51 4.17 4.17 5.54 7.65 9.44 8.74
Performance Differential (NAV - Index) -0.30 -1.36 -2.07 -2.07 -1.30 -1.35 -- -1.34
After Tax Held 0.59 -0.85 2.08 2.08 4.21 6.27 -- 7.35
After Tax Sold 0.49 -0.06 3.01 3.01 4.27 5.99 -- 7.08

Top 10 Holdings (%) as of 02/28/19 Daily Holdings

Total Holdings: 1899
Swipe
to view
full data
Issuer Name State Weighting (%)
Buckeye Ohio Tob Settlement Fing Auth
OH
4.19
Chicago Ill Brd Ed
IL
3.78
Illinois St
IL
3.59
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
2.52
New Jersey Economic Dev Auth Rev
NJ
2.37
Chicago Ill
IL
2.35
New Jersey St Transn Tr Fd Auth
NJ
2.27
California Statewide Cmntys Dev Auth Rev
CA
2.05
New York Transn Dev Corp Spl Fac Rev
NY
1.75
New York Liberty Dev Corp Liberty Rev
NY
1.39
Top 10 Total (%) 26.26

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

Geographical Weightings (%) as of 02/28/19

  • State

    % of Net Assets
  • California

    14.1
  • Illinois

    13.3
  • New Jersey

    7.6
  • New York

    7.5
  • Ohio

    5.9
  • Texas

    5.4
  • Florida

    4.6
  • Pennsylvania

    3.4
  • Wisconsin

    2.5
  • Puerto Rico

    2.4
  • Iowa

    2.3
  • Colorado

    2.2
  • Arizona

    2.1
  • Virginia

    1.8
  • Oklahoma

    1.7
  • Michigan

    1.4
  • Missouri

    1.4
  • Massachusetts

    1.3
  • Minnesota

    1.3
  • Maryland

    1.3
  • Other

    16.5

Currency Exposure (%)
as of 02/28/19

  • U.S. Dollar

    99.93
  • Other/Cash

    0.07

Sector Weightings (%) as of 02/28/19

  • Sector

    % of Net Assets
  • Health Care

    22.2
  • Tobacco

    15.8
  • Industrial Revenue

    14.3
  • Special Tax

    8.8
  • Education

    8.3
  • Local

    7.2
  • Transportation

    6.9
  • Leasing

    6.6
  • State

    3.6
  • Housing

    3.3
  • Water & Sewer

    2.4
  • Power

    0.4
  • Solid Waste/Res Recovery

    0.1
  • Unassigned

    0.1

Credit Quality (%) as of 02/28/19

Composite % of Net Assets
Investment Grade AAA --
BBB 32.62
Non-Investment Grade BB 17.14
B 13.76
CCC 6.14
Total Investment Grade -- 32.63
Total Non-Investment Grade -- 37.04
Not Rated -- 30.33
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 02/28/19

 Average Portfolio Maturity: 20.18 Years