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HYDVanEck 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
4.C
Designation7
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.
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%
Fees & Expenses2
-
Management Fee
0.35% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.35% -
Fee Waivers andExpense Reimbursement
-- -
Net Expense Ratio/TER2
0.35%
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
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%
Prices as of 01/26/21
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
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 |
Maturity (%) as of 12/31/20
Average Portfolio Maturity: 20.56 Years