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SHYD
VanEck Vectors Short High-Yield Municipal Index ETF

Fund Description

The VanEck Vectors® Short High-Yield Municipal Index ETF (SHYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR), which is intended to track the overall performance of the U.S. dollar denominated high yield short-term tax-exempt bond.

 
 

  • Fund Ticker

    SHYD
  • Exchange

    Cboe
  • Commencement

    01/13/2014
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    Bank of New York Mellon
  • Index Ticker

    BMHYTR
  • Index Rebalancing

    Monthly

 
as of 08/19/19

  • 30-Day SEC Yield1

    2.73%
  • Total Net Assets

    $232.9M
  • Number of Holdings

    560
  • Options

    Expected
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    08/30/2019

1, 2 See Important Disclosure

Index Key Points

The Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR) comprises:

More than 1,500 bonds drawn primarily from revenue sector, but also from general obligation sector.

Issues eligible for inclusion in Index:

  • Outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade.
  • Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa and the Northern Mariana Islands, each individually capped form exceeding 4%.
  • Targeted 65% weight in noninvestment grade municipal bonds, a targeted 25% weight in triple-B rated investment grade municipal bonds and a targeted 10% weight in single-A rated investment grade municipal bonds.
  • Nominal maturity of 1 to 12 years.

Index Provider: Bloomberg Index Services Limited

Inception Date:  01/14/2013 

Index Profile

  • Ticker

    BMHYTR
  • Inception Date

    01/14/2013
  • Rebalance Frequency

    Monthly

Index Fundamentals4
as of 08/19/19

  • Yield to Worst

    3.03%
  • Yield to Maturity

    3.52%
  • Effective Duration (yrs)

    3.81
  • Duration to Worst (yrs)

    3.81
  • Modified Duration (yrs)

    3.78
  • Spread Duration (yrs)

    3.77
  • Years to Maturity

    8.82
  • Coupon

    4.72%
  • AMT

    15.93%
 4 See Important Disclosure for definitions.

Top 10 Constituents (%) as of 07/31/19

Total Constituents: 10225
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full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed
IL
6.39
Illinois St
IL
5.78
New Jersey St Transn Tr Fd Auth
NJ
4.70
New Jersey Economic Dev Auth Rev
NJ
3.67
Florida Dev Fin Corp Surface Transn Fac Rev
FL
3.57
Buckeye Ohio Tob Settlement Fing Auth
OH
3.51
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
2.08
New Jersey Economic Dev Auth Spl Fac Rev
NJ
1.91
Virgin Islands Pub Fin Auth Rev
VI
1.75
Iowa Fin Auth Midwestern Disaster Area Rev
IA
1.61
Top 10 Total (%) 34.97
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 07/31/19

  • State

    % of Net Assets
  • Illinois

    18.2
  • New Jersey

    12.8
  • California

    7.3
  • Florida

    7.0
  • Texas

    5.5
  • Ohio

    5.3
  • New York

    5.2
  • Pennsylvania

    4.5
  • Puerto Rico

    3.2
  • Colorado

    2.3
  • Virgin Islands

    2.0
  • Wisconsin

    1.9
  • Iowa

    1.9
  • Arizona

    1.7
  • Michigan

    1.6
  • Georgia

    1.3
  • Guam

    1.2
  • Connecticut

    1.1
  • Kentucky

    1.0
  • Tennessee

    1.0

Index Sector Weightings (%) as of 07/31/19

  • Sector

    % of Net Assets
  • IDR/PCR

    23.5
  • Special Tax

    14.1
  • Health Care Facilities

    13.0
  • Leasing

    10.7
  • Transportation

    10.3
  • Local General

    9.8
  • State General

    6.5
  • Education

    6.0
  • Housing

    2.2
  • Water Utilities

    1.9
  • Power Utilities

    1.6
  • Resource Recovery

    0.3

Index Credit Quality (%) as of 07/31/19

Composite % of Net Assets
Investment Grade AAA --
AA --
A 10.02
BBB 24.86
Non-Investment Grade BB 19.64
B 8.04
CCC 1.91
CC 3.89
C 1.45
Total Investment Grade -- 34.89
Total Non-Investment Grade -- 34.93
Not Rated -- 30.18
Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 07/31/19

 Average Maturity: 8.70 Years