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THHY
VanEck Vectors Treasury-Hedged High Yield Bond ETF

  • This Fund is expected to cease trading at market close on September 29, 2017. Shareholders who do not sell their holdings on or before September 29, 2017 and continue to hold their shares through the liquidation date on or about October 6, 2017 are expected to receive a liquidating distribution. Please see the press release and FAQ below for more information.

    Press Release
    FAQ
     

  • Fund Description

    The VanEck Vectors® Treasury-Hedged High Yield Bond ETF (THHY®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® U.S. Treasury-Hedged High Yield Bond Index (MVTHHY) , which was designed to provide exposure to below investment grade corporate bonds, denominated in U.S. dollars.

  •  
      

    • Fund Ticker

      THHY
    • Exchange

      NYSE Arca
    • Commencement

      03/21/2013
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      MVTHHY
    • Index Rebalancing

      Monthly
  •  
    as of 09/20/17

    • 30-Day SEC Yield1

      3.86%
    • Total Net Assets

      $4.8M
    • Number of Holdings

      123
    • Options

      Expected
    • Gross Expense Ratio2

      3.26%
    • Net Expense Ratio/TER2

      0.50%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      09/29/2017
  • Morningstar™ Ratings3
    as of 8/31/17

    Category Overall 3 Year 5 Year
    Nontraditional Bond
       
    3 stars of 262 funds
       
    3 stars of 262 funds
    --
  • Key Points

    • Designed to hedge the risk of rising interest rates while offering income potential from high-yield bonds

    • Offers near-zero duration by tracking an index that combines high-yield bonds with short positions in 5-Year U.S. Treasury notes

    • Presents relatively greater risk of loss than unhedged high-yield bond funds in "risk-off" environment: when U.S. Treasuries rally and high-yield bonds decline
  • Yield
    as of 09/20/17

    • 30-Day SEC Yield1

      3.86%
    • Distribution Yield1

      4.63%
    • 12-Month Yield1

      4.63%
     1 See Important Disclosure for definitions.
  • Fees & Expenses2

    • Management Fee

      0.45%
    • Other Expenses

      2.81%
    • Short Interest Expense and Cost to Borrow

      --
    • Acquired Fund Fees and Expenses

      --
    • Gross Expense Ratio

      3.26%
    • Fee Waivers and
      Expense Reimbursement

      -2.76%
    • Net Expense Ratio/TER2

      0.50%
    2Expenses for THHY are capped contractually at 0.50% until at least September 1, 2018. Cap excludes certain expenses, such as interest.
  • Trading Information

    • Fund Ticker

      THHY
    • Index Total Return Ticker

      MVTHHY
    • NAV

      THHYNV
    • Intraday NAV (IIV)5

      THHYIV
    • Shares Outstanding

      200,000
    • Estimated Cash

      THHYEU
    • Total Cash

      THHYTC
    • CUSIP

      92189F395
    • ISIN

      US92189F3955
    5See IIV Details. Source: Bloomberg
  • Fundamentals4
    as of 09/19/17

    • Yield to Worst

      4.33%
    • Yield to Maturity

      5.48%
    • Effective Duration (yrs)

      -1.03
    • Years to Maturity (yrs)

      8.42
    • Coupon

      6.24%
     4 See Important Disclosure for definitions.
  • Prices as of 09/20/17

    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
    THHY $23.81
    $23.53
    1
    1
    $0.06 / +0.25%
    $0.00 / +0.00%
    +3.96%
    +2.91%
    $-0.28
    -1.20%
  • View All IndicesView All ETFsPerformance History: Average Annual Total Returns* (%)

    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    03/21/13
    THHY (NAV)-0.610.222.967.232.34----3.30
    THHY (Share Price)-0.99-0.292.367.171.97----3.14
    MVTHHY (Index)-0.680.403.167.702.57----3.80
    Performance Differential (NAV - Index)0.07-0.18-0.20-0.47-0.23-----0.50
    After Tax Held-0.78-0.291.595.080.26----1.31
    After Tax Sold-0.350.131.674.070.81----1.59
    Quarter End as of 06/30/17
    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    03/21/13
    THHY (NAV)0.361.133.1012.492.38----3.46
    THHY (Share Price)-0.860.441.7712.940.60----3.13
    MVTHHY (Index)0.431.333.1913.322.57----3.96
    Performance Differential (NAV - Index)-0.07-0.20-0.09-0.83-0.19-----0.50
    After Tax Held0.190.602.0810.220.30----1.48
    After Tax Sold0.200.631.757.020.83----1.71
  • Daily HoldingsTop 10 Long Holdings (%)as of 08/31/17

    Total Holdings: 125
    Holding Name
    Coupon
    Maturity
    Composite
    Rating
    Currency
    % of Net
    Assets
    Hca Inc
    6.500
    02/15/2020
    BBB-
    USD
    2.54
    Dish Dbs Corp
    5.875
    07/15/2022
    B+
    USD
    2.31
    Citigroup Inc
    6.300
    12/29/2049
    BB+
    USD
    2.11
    Sprint Corp
    7.875
    09/15/2023
    B
    USD
    1.67
    Ally Financial Inc
    8.000
    11/01/2031
    BB+
    USD
    1.67
    First Data Corp
    7.000
    12/01/2023
    B
    USD
    1.62
    T-Mobile Usa Inc
    6.625
    04/01/2023
    BB
    USD
    1.53
    Tenet Healthcare Corp
    4.750
    06/01/2020
    BB-
    USD
    1.48
    Centurylink Inc
    5.800
    03/15/2022
    BB
    USD
    1.45
    Mgm Resorts International
    6.625
    12/15/2021
    BB-
    USD
    1.20
    Top 10 Total (%)17.60

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

  • View All Holdings »Short Holdings as of 08/31/17

    Total Holdings: 1
    Holding Name
    Contracts
    Notional Amount
    (US$)
    Market Value
    (US$)
    Us 5yr Note (Cbt) Sep17
    -37
    -4,394,906-4,395
    Total-4,395

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

  • Credit Quality (%) as of 08/31/17

    Composite % of Net Assets
    Investment Grade BBB 5.10
    Non-Investment Grade BB 56.63
    B 32.22
    CCC 4.84
    Total Investment Grade -- 5.10
    Total Non-Investment Grade -- 93.70
    Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. The credit breakdown presented above includes only the aggregate of the long positions.
  • Maturity (%) as of 08/31/17

    Average Portfolio Maturity: 8.37 Years

    *Maturity breakdown presented above only includes the Long Portfolio of the Fund. Years to Maturity is the length of time until a fixed-income investment returns its original investment.
  • Important Disclosure

    VanEck only serves professional clients in countries where the funds are registered or where funds can be sold in accordance with local private placement rules.

    130-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time. The Distribution Yield is the annual yield an investor would receive if the most recent Fund distribution stayed the same going forward. The yield represents a single distribution from the Fund and does not represent the total return of the Fund.  The yield is calculated by annualizing the most recent distribution and dividing by the Fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    2THHY Fees & Expenses: Van Eck Associates Corporation (the "Adviser") has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding 0.50% of the Fund's average daily net assets per year until at least September 1, 2018. During such time, the expense limitation is expected to continue until the Fund's Board of Trustees acts to discontinue all or a portion of such expense limitation. TER, or Total Expense Ratio, is also referred to as "Net Expense Ratio".

    3Morningstar Ratings: If applicable, when the ETF is rated three stars or more for any given period. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    4Fund Fundamentals: These figures represent averages. The duration characteristic presented illustrates net valuations, averaging the results of the aggregated long and short positions. Years-to-maturity and coupon characteristics presented illustrate valuations, averaging the results of the aggregated long positions. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Years to Maturity is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The coupon and yields presented do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

    4Index Fundamentals: These figures represent averages. Yield and duration characteristics presented illustrate net valuations, averaging the results of the aggregated long and short positions. Years-to- maturity and coupon characteristics presented illustrate valuations, averaging the results of the aggregated long positions. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Years to Maturity is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The coupon and yields presented do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

    5IIV is an abbreviation for the intraday indicative value of an ETF's Shares (and is also known as the Indicative Optimized Portfolio Value or IOPV), and is disseminated every 15 seconds during regular trading hours. The IIV is based on the current market value of the securities and/or cash required to be deposited in exchange for a Creation Unit. The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. Therefore, the IIV should not be viewed as a "real-time" update of the Fund's NAV, which is computed only once a day. The Fund is not involved in, or responsible for, the calculation or dissemination of the IIV and makes no warranty as to its accuracy.

    6The S&P 500® Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    RISK CONSIDERATIONS: The Fund is subject to risks associated with investing in high yield securities, which include a greater risk of loss of income and principal than funds holding higher rated securities; concentration risk; futures risk; credit risk; hedging risk; interest rate risk; and short sale risk. High Yield Risk : High yield securities may be subject to greater risk of loss of income and principal and are likely to be more sensitive to adverse economic changes than higher rated securities. The secondary market for securities that are junk bonds may be less liquid than the markets for higher quality securities and, as such, may have an adverse effect on the market prices of certain securities. Interest Rate Risk : Bonds are also subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a bond resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most bonds go down. When the general level of interest rates goes down, the prices of most bonds go up. Short Sales Risk : Short sales are transactions in which the Fund sells a security that it does not own. The Fund may incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short. The Fund may also pay transaction costs and borrowing fees in connection with short sales.  Hedging Risk : The Index is designed to hedge against the price sensitivity of the below investment grade corporate bonds included in the Index and increases in interest rates. The Fund's Short Portfolio does not reduce credit risk. The Fund's Short Portfolio will not eliminate interest rate risk, and the value of the Fund's shares may decline if interest rates increase. The Fund's Short Portfolio will also result in foregone losses if interest rates decline. A risk of hedging is the imperfect correlation between price movement of securities sold and the price movement of the Fund's investments. Futures Risk : Futures contracts generally provide for the future sale by one party and purchase by another party of a specified instrument, index, or commodity at a specified future time and at a specified price. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Futures contracts involve the risk of mispricing or improper valuation, and the risk that changes in the value of a futures contract may not correlate perfectly with the underlying indicator.  Concentration Risk : Investments concentrated in the industrials sectors may be subject to more volatility than investment in a diversified group of sectors and are subject to the risks associated with such sectors.  

    MVIS U.S. Treasury-Hedged High Yield Bond Index is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Interactive Data Pricing and Reference Data, LLC to maintain and calculate the Index. Interactive Data Pricing and Reference Data, LLC is not an adviser for or a fiduciary to any account, fund or ETF managed by Van Eck Associates Corporation and is not responsible for any direct, indirect, or consequential damages associated with indicative optimized portfolio values and/or indicative intraday values. VanEck Vectors Treasury-Hedged High Yield Bond ETF is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

    Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.

    Country of Risk:  Country of risk is defined using the International Organization for Standardization’s (ISO) country codes which take four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the CEO, CFO, COO or General Counsel is otherwise.

    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.

    Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 800.826.2333 or on this web page.

    Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus , which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs . Please read the prospectus and summary prospectus carefully before investing.

    This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.