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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.

 
 

  • Fund Ticker

    HYD
  • Exchange

    Cboe
  • Commencement

    02/04/2009
  • 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 04/08/20

  • 30-Day SEC Yield1

    4.63%
  • Total Net Assets

    $2.8B
  • Number of Holdings

    1997
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    04/30/2020

1, 2, 7 See Important Disclosure

Morningstar™ Ratings3
as of 1/31/2020

Category Overall 3 Year 5 Year
High Yield Muni
4 stars of 156 funds
4 stars of 156 funds
4 stars of 135 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*

* Source: Moody’s Investors Services; "U.S. Municipal Bond Defaults and Recoveries, 1970-2018"

Yields
as of 04/08/20

  • 30-Day SEC Yield1

    4.63%
  • Distribution Yield1

    5.09%
  • 12-Month Yield1

    4.61%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    5.26%
  • 22% Federal Tax Rate

    5.94%
  • 24% Federal Tax Rate

    6.09%
  • 32% Federal Tax Rate

    6.81%
  • 35% Federal Tax Rate

    7.12%
  • 37% Federal Tax Rate

    7.35%
 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

    49,346,401
  • Estimated Cash

    HYDEU
  • Total Cash

    HYDTC
  • CUSIP

    92189H409
  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 04/07/20

  • Yield to Worst

    5.63%
  • Yield to Maturity

    5.81%
  • Effective Duration (yrs)

    11.17
  • Duration to Worst (yrs)

    9.91
  • Modified Duration (yrs)

    10.61
  • Spread Duration (yrs)

    9.22
  • Years to Maturity

    21.44
  • Coupon

    4.77%
  • AMT

    12.31%
 4 See Important Disclosure for definitions.

Prices as of 04/08/20

NAV/
Market 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
30-Day
Median
Bid Ask
Spread
NAV
Chart
HYD $56.78
$54.25
2,041,148
745,327
$0.18 / +0.31%
$0.41 / +0.76%
-10.19%
-13.94%
$-2.53
-4.46%
0.23%

Premium/Discount History as of 04/08/20

Calendar Year 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 156 40 31 50 31
HYD Days closed at NAV 12 3 6 1 1
Days closed at a discount 84 20 27 13 30

Periods with Elevated Premiums/Discounts

End Date Trading Days Reason / Contributing Factors
04/08/20 14 Market Volatility


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) -11.39 -7.55 -7.55 -2.64 2.92 3.17 4.77 6.63
HYD (Share Price) -20.11 -17.62 -17.62 -13.30 -0.99 0.72 3.46 5.52
LMEHTR (Index) -10.30 -6.37 -6.37 -0.52 4.60 4.70 6.25 8.02
Performance Differential (NAV - Index) -1.09 -1.18 -1.18 -2.12 -1.68 -1.53 -1.48 -1.39
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) -11.39 -7.55 -7.55 -2.64 2.92 3.17 4.77 6.63
HYD (Share Price) -20.11 -17.62 -17.62 -13.30 -0.99 0.72 3.46 5.52
LMEHTR (Index) -10.30 -6.37 -6.37 -0.52 4.60 4.70 6.25 8.02
Performance Differential (NAV - Index) -1.09 -1.18 -1.18 -2.12 -1.68 -1.53 -1.48 -1.39

Top 10 Holdings (%) as of 03/31/20 Daily Holdings

Total Holdings: 2,099
Swipe
to view
full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed
IL
3.27
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
2.92
Illinois St
IL
2.90
New Jersey St Transn Tr Fd Auth
NJ
2.73
Chicago Ill
IL
2.11
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
2.07
New Jersey Economic Dev Auth Rev
NJ
2.03
Illinois Fin Auth Rev
IL
1.60
California Statewide Cmntys Dev Auth Rev
CA
1.59
Florida Dev Fin Corp Surface Transn Fac Rev
FL
1.59
Top 10 Total (%) 22.81

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

Geographical Weightings (%) as of 03/31/20

  • State

    % of Net Assets
  • California

    13.2
  • Illinois

    12.2
  • New York

    8.6
  • New Jersey

    6.7
  • Florida

    5.2
  • Texas

    4.8
  • Puerto Rico

    4.0
  • Ohio

    3.9
  • Pennsylvania

    3.5
  • Colorado

    3.1
  • Wisconsin

    3.1
  • Arizona

    2.2
  • Iowa

    2.0
  • Alabama

    1.7
  • District of Columbia

    1.5
  • Virginia

    1.4
  • Missouri

    1.4
  • Michigan

    1.3
  • Massachusetts

    1.2
  • Oklahoma

    1.2
  • Other

    17.7

Currency Exposure (%)
as of 03/31/20

  • U.S. Dollar

    98.45
  • Other/Cash

    1.55

Sector Weightings (%) as of 03/31/20

  • Sector

    % of Net Assets
  • Health Care

    22.0
  • Industrial Revenue

    15.6
  • Tobacco

    12.5
  • Special Tax

    10.1
  • Education

    8.6
  • Leasing

    7.1
  • Transportation

    7.1
  • Local

    6.6
  • State

    3.3
  • Housing

    2.9
  • Water & Sewer

    1.7
  • Cash

    1.5
  • Unassigned

    0.5
  • Power

    0.5
  • Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 03/31/20

Composite % of Net Assets
Investment Grade AAA 0.02
A 0.20
BBB 27.63
Non-Investment Grade BB 19.36
B 8.21
CCC 2.98
Total Investment Grade -- 27.85
Total Non-Investment Grade -- 30.55
Not Rated -- 40.09
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 03/31/20

 Average Portfolio Maturity: 21.53 Years