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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 market.

 
 

  • Fund Ticker

    SHYD
  • Exchange

    Cboe
  • Commencement

    01/13/2014
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    BMHYTR
  • Index Rebalancing

    Monthly

 
as of 04/08/20

  • 30-Day SEC Yield1

    3.57%
  • Total Net Assets

    $279.9M
  • Number of Holdings

    627
  • Options

    Expected
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    04/30/2020

1, 2 See Important Disclosure

Key Points

  • High Yield, Shorter Duration Focus
    Index comprises highest yielding municipal bonds with maturities of 1-12 years, which potentially provides lower sensitivity to interest rates than all maturity high yield municipal bond funds

  • Enhanced Liquidity Feature
    Index includes investment-grade exposure for added 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 04/08/20

  • 30-Day SEC Yield1

    3.57%
  • Distribution Yield1

    3.41%
  • 12-Month Yield1

    3.47%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    4.06%
  • 22% Federal Tax Rate

    4.58%
  • 24% Federal Tax Rate

    4.70%
  • 32% Federal Tax Rate

    5.25%
  • 35% Federal Tax Rate

    5.49%
  • 37% Federal Tax Rate

    5.67%
 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%
Van 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

    SHYD
  • Index Total Return Ticker

    BMHYTR
  • NAV

    SHYDNV
  • Intraday NAV (IIV)5

    SHYDIV
  • Shares Outstanding

    12,050,000
  • Estimated Cash

    SHYDEU
  • Total Cash

    SHYDTC
  • CUSIP

    92189F387
  • ISIN

    US92189F3872
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 04/07/20

  • Yield to Worst

    4.60%
  • Yield to Maturity

    4.69%
  • Effective Duration (yrs)

    5.09
  • Duration to Worst (yrs)

    4.95
  • Modified Duration (yrs)

    4.62
  • Spread Duration (yrs)

    4.58
  • Years to Maturity

    8.42
  • Coupon

    4.55%
  • AMT

    19.67%
 4 See Important Disclosure for definitions.

Prices as of 04/08/20

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
SHYD $23.23
$22.01
245,936
72,965
$0.01 / +0.06%
$-0.14 / -0.65%
-6.55%
-11.61%
$-1.22
-5.24%
0.73%

Premium/Discount History as of 04/08/20

Calendar Year 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 213 51 57 61 39
SHYD Days closed at NAV 19 6 4 3 1
Days closed at a discount 20 6 3 0 22

Periods with Elevated Premiums/Discounts

End Date Trading Days Reason / Contributing Factors
04/08/20 7 Market Volatility


Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/13/14
SHYD (NAV) -8.12 -5.03 -5.03 -1.06 2.61 1.59 -- 2.23
SHYD (Share Price) -12.03 -9.98 -9.98 -5.89 1.01 0.67 -- 1.41
BMHYTR (Index) -7.01 -4.32 -4.32 0.33 4.10 3.00 -- 3.93
Performance Differential (NAV - Index) -1.11 -0.71 -0.71 -1.39 -1.49 -1.41 -- -1.70
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/13/14
SHYD (NAV) -8.12 -5.03 -5.03 -1.06 2.61 1.59 -- 2.23
SHYD (Share Price) -12.03 -9.98 -9.98 -5.89 1.01 0.67 -- 1.41
BMHYTR (Index) -7.01 -4.32 -4.32 0.33 4.10 3.00 -- 3.93
Performance Differential (NAV - Index) -1.11 -0.71 -0.71 -1.39 -1.49 -1.41 -- -1.70

Top 10 Holdings (%) as of 03/31/20 Daily Holdings

Total Holdings: 627
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full data
Issuer Name State Weighting (%)
Illinois St
IL
7.89
New Jersey St Transn Tr Fd Auth
NJ
4.80
Florida Dev Fin Corp Surface Transn Fac Rev
FL
3.74
New Jersey Economic Dev Auth Rev
NJ
3.16
Ohio St Air Quality Dev Auth Rev
OH
3.07
Chicago Ill Brd Ed
IL
2.73
Brooklyn Arena Loc Dev Corp N Y Pilot Rev
NY
2.24
Chicago Ill
IL
1.73
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
1.43
Allegheny Cnty Pa Indl Dev Auth Environmental Impt Rev
PA
1.38
Top 10 Total (%) 32.17

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

Geographical Weightings (%) as of 03/31/20

  • State

    % of Net Assets
  • Illinois

    15.5
  • New Jersey

    11.5
  • New York

    8.5
  • California

    7.2
  • Florida

    7.1
  • Pennsylvania

    5.4
  • Texas

    4.7
  • Ohio

    4.5
  • Colorado

    3.4
  • Puerto Rico

    2.6
  • Wisconsin

    2.4
  • Georgia

    1.9
  • Arizona

    1.7
  • Iowa

    1.4
  • Connecticut

    1.4
  • Massachusetts

    1.3
  • Oregon

    1.3
  • Virgin Islands

    1.3
  • Maryland

    1.1
  • Louisiana

    1.1
  • Other

    14.7

Currency Exposure (%)
as of 03/31/20

  • U.S. Dollar

    98.07
  • Other/Cash

    1.93

Sector Weightings (%) as of 03/31/20

  • Sector

    % of Net Assets
  • Industrial Revenue

    24.4
  • Health Care

    16.8
  • Leasing

    9.8
  • State

    9.2
  • Special Tax

    9.0
  • Transportation

    8.9
  • Education

    8.1
  • Local

    6.2
  • Tobacco

    2.3
  • Water & Sewer

    2.0
  • Housing

    1.7
  • Power

    1.6
  • Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 03/31/20

Composite % of Net Assets
Investment Grade AAA 0.08
AA 0.08
A 13.18
BBB 30.84
Non-Investment Grade BB 20.31
B 7.04
CCC 1.88
Total Investment Grade -- 44.18
Total Non-Investment Grade -- 29.24
Not Rated -- 26.58
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 03/31/20

 Average Portfolio Maturity: 8.44 Years