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HYD
VanEck Vectors High Yield Muni ETF

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

 
as of 09/25/20

  • 30-Day SEC Yield1

    3.78%

  • Total Net Assets

    $2.7B

  • Number of Holdings

    1828

  • Options

    Available

  • Gross Expense Ratio2

    0.35%

  • Net Expense Ratio/TER2

    0.35%

  • Distribution Frequency

    Monthly

1, 2, 7 See Important Disclosure. 

Morningstar™ Ratings3
as of 08/31/2020

Category Overall 3 Year 5 Year
High Yield Muni
3 stars of 175 funds
3 stars of 175 funds
3 stars of 148 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 09/25/20

  • 30-Day SEC Yield1

    3.78%

  • Distribution Yield1

    4.27%

  • 12-Month Yield1

    4.20%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    4.30%

  • 22% Federal Tax Rate

    4.85%

  • 24% Federal Tax Rate

    4.97%

  • 32% Federal Tax Rate

    5.56%

  • 35% Federal Tax Rate

    5.82%

  • 37% Federal Tax Rate

    6.00%
 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

    45,496,401

  • Estimated Cash

    HYDEU

  • Total Cash

    HYDTC

  • CUSIP

    92189H409

  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/24/20

  • Yield to Worst

    4.30%

  • Yield to Maturity

    4.86%

  • Effective Duration (yrs)

    8.59

  • Duration to Worst (yrs)

    6.25

  • Modified Duration (yrs)

    8.72

  • Spread Duration (yrs)

    7.61

  • Years to Maturity

    20.42

  • Coupon

    4.89%

  • AMT

    13.45%
 4 See Important Disclosure for definitions.

Prices as of 09/25/20

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 $59.93
$59.63		 491,276
244,898		 $0.01 / +0.01%
$0.00 / +0.00%		 -3.56%
-3.95%
 $-0.30
-0.50%		 0.03%

Premium/Discount History as of 09/25/20

Calendar Year 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 156 31 50 31 13
HYD Days closed at NAV 12 6 1 1 0
Days closed at a discount 84 27 13 30 50

Periods with Elevated Premiums/Discounts

End Date Trading Days Reason / Contributing Factors
04/08/20 14 Market Volatility
05/06/20 18 Market Volatility


Table presents periods when premium or discount was greater than 2% for seven or more consecutive days. Explanations of contributing factors are for informational purposes only and represent what VanEck reasonably believes to have contributed to the premium or discount at the time.

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 0.16 5.64 -3.36 -3.19 2.85 4.21 4.81 6.79
HYD (Share Price) -0.23 5.21 -3.38 -3.36 2.86 4.47 4.74 6.78
LMEHTR (Index) 0.24 6.86 0.22 0.73 5.23 6.19 6.26 8.36
Performance Differential (NAV - Index) -0.08 -1.22 -3.58 -3.92 -2.38 -1.98 -1.45 -1.57
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 2.95 1.87 -5.82 -3.32 2.70 3.82 4.71 6.65
HYD (Share Price) 2.98 14.79 -5.43 -3.08 2.91 4.27 4.68 6.68
LMEHTR (Index) 3.66 3.83 -2.79 0.51 4.99 5.74 6.35 8.20
Performance Differential (NAV - Index) -0.71 -1.96 -3.03 -3.83 -2.29 -1.92 -1.64 -1.55

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

Top 10 Holdings (%) as of 08/31/20 Daily Holdings

Total Holdings: 1,889
Swipe
to view
full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed
IL
4.04
Illinois St
IL
3.35
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
3.13
New Jersey St Transn Tr Fd Auth
NJ
2.91
Buckeye Ohio Tob Settlement Fing Auth
OH
2.78
Chicago Ill
IL
2.76
New Jersey Economic Dev Auth Rev
NJ
2.30
Illinois Fin Auth Rev
IL
1.98
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
1.78
New York Transn Dev Corp Spl Fac Rev
NY
1.72
Top 10 Total (%) 26.75

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

Geographical Weightings (%) as of 08/31/20

  • State

    % of Net Assets
  • ■

    Illinois

    13.6
  • ■

    California

    12.2
  • ■

    New York

    8.3
  • ■

    New Jersey

    7.8
  • ■

    Ohio

    5.3
  • ■

    Texas

    5.0
  • ■

    Florida

    4.7
  • ■

    Puerto Rico

    3.9
  • ■

    Pennsylvania

    3.5
  • ■

    Colorado

    3.3
  • ■

    Wisconsin

    3.0
  • ■

    Arizona

    2.3
  • ■

    Virginia

    2.2
  • ■

    Alabama

    1.9
  • ■

    Iowa

    1.5
  • ■

    Maryland

    1.3
  • ■

    Virgin Islands

    1.1
  • ■

    Georgia

    1.1
  • ■

    Minnesota

    1.1
  • ■

    Tennessee

    1.1
  • ■

    Other

    16.0

Currency Exposure (%)
as of 08/31/20

  • U.S. Dollar

    99.96

  • Other/Cash

    0.04

Sector Weightings (%) as of 08/31/20

  • Sector

    % of Net Assets
  • ■

    Health Care

    21.0
  • ■

    Industrial Revenue

    16.8
  • ■

    Tobacco

    11.3
  • ■

    Special Tax

    11.2
  • ■

    Education

    9.5
  • ■

    Local

    8.4
  • ■

    Transportation

    7.2
  • ■

    Leasing

    6.7
  • ■

    State

    3.5
  • ■

    Water & Sewer

    2.2
  • ■

    Housing

    1.3
  • ■

    Power

    0.5
  • ■

    Unassigned

    0.1
  • ■

    Solid Waste/Res Recovery

    0.1
  • ■

    Cash

    0.0

Credit Quality (%) as of 08/31/20

Composite % of Net Assets
Investment Grade BBB 25.84
Non-Investment Grade BB 21.51
B 8.44
CCC 4.39
Total Investment Grade -- 25.84
Total Non-Investment Grade -- 34.34
Not Rated -- 39.78
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 08/31/20

 Average Portfolio Maturity: 20.55 Years