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HYD
VanEck Vectors High Yield Muni ETF

Latest Market Updates*

  • While spreads have tightened since the March 2020 sell-off, we believe there is room to tighten given the prospects of a faster-than-expected recovery.
  • The current recovery is already well under way, helped by a stronger economic and financial foundation, more immediate fiscal and monetary response, and some direct aid to state and local governments.
  • Names and sectors that were more affected by the pandemic—such as corporate-backed munis, healthcare and special tax—are likely to drive performance, while tobacco and COFINA (Puerto Rico’s Sales Tax Financing Corporation) may continue to provide good carry and marginal price appreciation.

Fund Description

The VanEck Vectors® High Yield Muni 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
  • 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.C

 
as of 01/26/21

  • 30-Day SEC Yield1

    2.97%
  • Total Net Assets

    $3.3B
  • Number of Holdings

    1887
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly

1, 2, 7 See Important Disclosure

Why Invest?

Morningstar™ Ratings3
as of 12/31/2020

Category Overall 3 Year 5 Year
High Yield Muni
3 stars of 177 funds
2 stars of 177 funds
3 stars of 152 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, 1970-2019"

Yields
as of 01/26/21

  • 30-Day SEC Yield1

    2.97%
  • Distribution Yield1

    3.98%
  • 12-Month Yield1

    3.95%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.38%
  • 22% Federal Tax Rate

    3.81%
  • 24% Federal Tax Rate

    3.91%
  • 32% Federal Tax Rate

    4.37%
  • 35% Federal Tax Rate

    4.57%
  • 37% Federal Tax Rate

    4.71%
 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

    52,146,401
  • Estimated Cash

    HYDEU
  • Total Cash

    HYDTC
  • CUSIP

    92189H409
  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 01/25/21

  • Yield to Worst

    3.31%
  • Yield to Maturity

    4.31%
  • Effective Duration (yrs)

    6.92
  • Duration to Worst (yrs)

    5.18
  • Modified Duration (yrs)

    7.16
  • Spread Duration (yrs)

    6.55
  • Years to Maturity

    20.61
  • Coupon

    5.19%
  • AMT

    15.18%
 4 See Important Disclosure for definitions.

Prices as of 01/26/21

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 $62.46
$62.58
502,441
958,682
$0.13 / +0.21%
$0.05 / +0.08%
+1.90%
+2.03%
$0.12
0.20%
0.02%

Premium/Discount History as of 01/26/21

Calendar Year 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 156 31 13 22 31
HYD Days closed at NAV 12 1 0 0 1
Days closed at a discount 84 30 50 42 32

Periods with Elevated Premiums/Discounts

End Date Trading Days Reason / Contributing Factors
04/08/20 14 Market Volatility
05/06/20 18 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) 1.56 3.72 -0.05 -0.05 3.67 4.32 5.73 6.90
HYD (Share Price) 1.36 3.93 0.14 0.14 3.82 4.28 5.84 6.90
LMEHTR (Index) 1.87 4.19 4.49 4.49 6.24 6.23 7.13 8.49
Performance Differential (NAV - Index) -0.31 -0.47 -4.54 -4.54 -2.57 -1.91 -1.40 -1.59
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 1.56 3.72 -0.05 -0.05 3.67 4.32 5.73 6.90
HYD (Share Price) 1.36 3.93 0.14 0.14 3.82 4.28 5.84 6.90
LMEHTR (Index) 1.87 4.19 4.49 4.49 6.24 6.23 7.13 8.49
Performance Differential (NAV - Index) -0.31 -0.47 -4.54 -4.54 -2.57 -1.91 -1.40 -1.59

Top 10 Holdings (%) as of 12/31/20 Daily Holdings

Total Holdings: 1,865
Swipe
to view
full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed
IL
3.65
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
3.35
New Jersey St Transn Tr Fd Auth
NJ
3.07
Buckeye Ohio Tob Settlement Fing Auth
OH
2.91
Illinois St
IL
2.85
Chicago Ill
IL
2.45
New York Transn Dev Corp Spl Fac Rev
NY
2.40
New Jersey Economic Dev Auth Rev
NJ
2.25
Florida Dev Fin Corp Surface Transn Fac Rev
FL
2.12
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
1.67
Top 10 Total (%) 26.72

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

Geographical Weightings (%) as of 12/31/20

  • State

    % of Net Assets
  • California

    12.3
  • Illinois

    12.0
  • New York

    9.1
  • New Jersey

    8.3
  • Florida

    5.5
  • Ohio

    5.0
  • Texas

    4.8
  • Pennsylvania

    4.2
  • Puerto Rico

    4.1
  • Colorado

    3.0
  • Wisconsin

    2.6
  • Arizona

    2.6
  • Alabama

    2.0
  • Virginia

    1.6
  • Iowa

    1.4
  • Maryland

    1.3
  • Washington

    1.2
  • Minnesota

    1.1
  • Georgia

    1.1
  • District of Columbia

    1.1
  • Other

    15.6

Currency Exposure (%)
as of 12/31/20

  • U.S. Dollar

    99.86
  • Other/Cash

    0.14

Sector Weightings (%) as of 12/31/20

  • Sector

    % of Net Assets
  • Health Care

    20.4
  • Industrial Revenue

    17.4
  • Special Tax

    11.4
  • Tobacco

    10.8
  • Education

    9.9
  • Transportation

    8.0
  • Local

    7.5
  • Leasing

    7.1
  • State

    3.0
  • Water & Sewer

    2.1
  • Housing

    1.7
  • Power

    0.5
  • Cash

    0.1
  • Solid Waste/Res Recovery

    0.1
  • Unassigned

    0.0

Credit Quality (%) as of 12/31/20

Composite % of Net Assets
Investment Grade A 0.07
BBB 25.17
Non-Investment Grade BB 22.99
B 7.57
CCC 4.39
Total Investment Grade -- 25.25
Total Non-Investment Grade -- 34.95
Not Rated -- 39.65
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 12/31/20

 Average Portfolio Maturity: 20.56 Years