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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

    State Street Bank and Trust Company

  • Index Ticker

    LMEHTR

  • Index Rebalancing

    Monthly

  • 2019 Preliminary NAIC
    Designation7

    4

 
as of 01/27/20

  • 30-Day SEC Yield1

    3.19%

  • Total Net Assets

    $3.6B

  • Number of Holdings

    2172

  • Options

    Available

  • Gross Expense Ratio2

    0.35%

  • Net Expense Ratio/TER2

    0.35%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    01/31/2020

1, 2, 7 See Important Disclosure. 

Morningstar™ Ratings3
as of 12/31/2019

Category Overall 3 Year 5 Year
High Yield Muni
4 stars of 155 funds
4 stars of 155 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 01/27/20

  • 30-Day SEC Yield1

    3.19%

  • Distribution Yield1

    4.06%

  • 12-Month Yield1

    4.01%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.63%

  • 22% Federal Tax Rate

    4.09%

  • 24% Federal Tax Rate

    4.20%

  • 32% Federal Tax Rate

    4.69%

  • 35% Federal Tax Rate

    4.91%

  • 37% Federal Tax Rate

    5.06%
 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

    56,046,401

  • Estimated Cash

    HYDEU

  • Total Cash

    HYDTC

  • CUSIP

    92189H409

  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 01/23/20

  • Yield to Worst

    3.51%

  • Yield to Maturity

    4.49%

  • Effective Duration (yrs)

    6.62

  • Duration to Worst (yrs)

    5.64

  • Modified Duration (yrs)

    6.90

  • Spread Duration (yrs)

    6.42

  • Years to Maturity

    20.96

  • Coupon

    4.94%

  • AMT

    11.85%
 4 See Important Disclosure for definitions.

Prices as of 01/27/20

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 $65.12
$65.22		 621,023
397,084		 $0.14 / +0.21%
$0.14 / +0.22%		 +1.92%
+2.17%
 $0.10
0.16%

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) 0.04 0.49 9.17 9.17 7.21 5.33 5.93 7.56
HYD (Share Price) -0.23 0.39 9.40 9.40 7.07 5.30 5.78 7.54
LMEHTR (Index) 0.32 0.92 10.15 10.15 8.35 6.56 7.35 8.87
Performance Differential (NAV - Index) -0.28 -0.43 -0.98 -0.98 -1.14 -1.23 -1.42 -1.31
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 0.04 0.49 9.17 9.17 7.21 5.33 5.93 7.56
HYD (Share Price) -0.23 0.39 9.40 9.40 7.07 5.30 5.78 7.54
LMEHTR (Index) 0.32 0.92 10.15 10.15 8.35 6.56 7.35 8.87
Performance Differential (NAV - Index) -0.28 -0.43 -0.98 -0.98 -1.14 -1.23 -1.42 -1.31

*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.

The "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 12/31/19 Daily Holdings

Total Holdings: 2,154
Swipe
to view
full data
Issuer Name State Weighting (%)
Buckeye Ohio Tob Settlement Fing Auth
OH
4.34
Illinois St
IL
3.91
Chicago Ill Brd Ed
IL
3.11
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
2.75
New Jersey St Transn Tr Fd Auth
NJ
2.25
Chicago Ill
IL
1.94
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
1.89
New Jersey Economic Dev Auth Rev
NJ
1.84
Illinois Fin Auth Rev
IL
1.66
California Statewide Cmntys Dev Auth Rev
CA
1.61
Top 10 Total (%) 25.30

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

Geographical Weightings (%) as of 12/31/19

  • State

    % of Net Assets
  • ■

    California

    12.7
  • ■

    Illinois

    12.6
  • ■

    New York

    7.4
  • ■

    Ohio

    7.2
  • ■

    New Jersey

    6.3
  • ■

    Florida

    5.6
  • ■

    Texas

    4.9
  • ■

    Puerto Rico

    4.4
  • ■

    Wisconsin

    2.9
  • ■

    Pennsylvania

    2.9
  • ■

    Arizona

    2.6
  • ■

    Colorado

    2.4
  • ■

    Iowa

    1.9
  • ■

    Alabama

    1.6
  • ■

    Missouri

    1.6
  • ■

    District of Columbia

    1.4
  • ■

    Tennessee

    1.4
  • ■

    Virginia

    1.4
  • ■

    Michigan

    1.3
  • ■

    Massachusetts

    1.2
  • ■

    Other

    16.4

Currency Exposure (%)
as of 12/31/19

  • U.S. Dollar

    99.48

  • Other/Cash

    0.52

Sector Weightings (%) as of 12/31/19

  • Sector

    % of Net Assets
  • ■

    Health Care

    22.3
  • ■

    Industrial Revenue

    17.5
  • ■

    Tobacco

    14.1
  • ■

    Special Tax

    9.1
  • ■

    Education

    8.2
  • ■

    Transportation

    6.6
  • ■

    Leasing

    6.5
  • ■

    Local

    6.3
  • ■

    State

    4.1
  • ■

    Housing

    2.4
  • ■

    Water & Sewer

    2.1
  • ■

    Cash

    0.5
  • ■

    Power

    0.4
  • ■

    Unassigned

    0.0
  • ■

    Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 12/31/19

Composite % of Net Assets
Investment Grade AAA --
A 0.07
BBB 29.14
Non-Investment Grade BB 19.02
B 8.66
CCC 6.26
Total Investment Grade -- 29.22
Total Non-Investment Grade -- 33.94
Not Rated -- 36.32
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 12/31/19

 Average Portfolio Maturity: 20.89 Years