HYD

VanEck
High Yield Muni ETF

As of April 30, 2024

Fund Details

Fund Ticker HYD
Intraday NAV (IIV) HYDIV
Index Ticker MHYX
Total Net Assets ($M) 2915.27
Number of Holdings 1,420
Exchange Cboe
Inception Date 02/04/09
Distribution Frequency Monthly

Yields

30-Day SEC Yield1 4.52%
Taxable Equivalent Yields
12% Federal Tax Rate 5.14%
22% Federal Tax Rate 5.79%
24% Federal Tax Rate 5.95%
32% Federal Tax Rate 6.65%
35% Federal Tax Rate 6.95%
37% Federal Tax Rate 7.17%
*30-Day SEC Yield reflects the investment income earned after deducting a fund’s expenses for the period. This yield does not necessarily reflect the yield that an investor will receive. Distributions may vary from time to time. A taxable equivalent yield represents what a taxable investment would have to earn in order to match, after deducting federal income taxes, the yield available on a tax-exempt investment.

Fees and Expenses

Management Fee 0.32%
Gross Expense Ratio 0.32%
Net Expense Ratio 0.32%

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. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2024.

Fund Description

The VanEck High Yield Muni ETF (HYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Broad High Yield Crossover Municipal Index (MHYX), which is intended to track the overall performance of the U.S. dollar denominated high yield long-term tax-exempt bond market.

Top 10 Holdings

Issuer Name State Weighting (%)
Chicago Ill Brd Ed IL 6.59
New York Transn Dev Corp Spl Fac Rev NY 6.53
Puerto Rico Sales Tax Fing Corp Sales Tax Rev PR 5.33
California Statewide Cmntys Dev Auth Rev CA 2.44
Puerto Rico Comwlth PR 1.73
Puerto Rico Comwlth Aqueduct & Swr Auth Rev PR 1.51
Massachusetts St Dev Fin Agy Rev MA 1.50
Buckeye Ohio Tob Settlement Fing Auth OH 1.40
Cscda Cmnty Impt Auth Calif Essential Hsg Rev CA 1.35
Houston Tex Arpt Sys Rev TX 1.33
Top 10 Total 29.70
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Performance History:

Average Annual Total Returns* (%)

Month End as of 04/30/24 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) -1.06 0.20 0.64 4.04 -2.70 -0.12 2.72 4.98
HYD (Share Price) -1.68 -0.14 0.22 3.59 -2.85 -0.16 2.68 4.97
MHYXIndex Ticker -1.04 0.33 0.89 5.57 -0.40 2.46 4.64 6.73
Performance Differential (NAV - Index) -0.02 -0.13 -0.25 -1.53 -2.30 -2.58 -1.92 -1.75
Quarter End as of 03/31/24 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 0.69 1.71 1.71 5.49 -1.94 0.17 3.00 5.08
HYD (Share Price) 0.91 1.93 1.93 5.39 -1.93 0.27 3.05 5.11
MHYX (Index) 0.74 1.95 1.95 7.09 0.41 2.78 4.95 6.84
Performance Differential (NAV - Index) -0.05 -0.24 -0.24 -1.60 -2.35 -2.61 -1.95 -1.76

*Returns less than one year are not annualized.

Index data prior to March 1, 2022 reflects that of the Bloomberg Municipal Custom High Yield Composite Index (LMEHTR). From March 1, 2022 to November 30, 2022, the index data reflects that of the ICE High Yield Crossover Municipal Bond Transition Index (MXYT). From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, the ICE Broad High Yield Crossover Municipal Index (MHYX) and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The Fund’s prospectus has not been submitted for approval to the Belgian Financial Services and Markets Authority (Autoriteit voor Financiële Diensten en Markten / Autorité des Services et Marchés Financiers) and, accordingly, the shares may not be distributed by way of public offering in Belgium and may only be offered to a maximum of 99 investors or to institutional and professional investors (as defined in Article 5, §3 of the Law of July 20, 2004, and as extended by the provisions of the Belgian Royal Decree of September 26, 2006 . These materials may be distributed in Belgium only to such prospective investors for their personal use and may not be used for any other purpose or passed on to any other person in Belgium. Shares will only be offered to such qualifying prospective investors.

     

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund 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. Investors should not expect to buy or sell shares at NAV.

HYD

VanEck
High Yield Muni ETF

As of April 30, 2024

Fundamentals

Yield to Worst 5.05M
Yield to Maturity 5.21M
Coupon 4.89M
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Modified Duration (yrs) 9.37
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Years to Maturity 18.30
*These figures represent weighted averages. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Years to Maturity is the period of time for which a financial instrument remains outstanding.

Top 10 Geographical Weightings

State % of Net Assets
California 12.3
New York 11.6
Illinois 10.0
Puerto Rico 9.1
Texas 5.6
Florida 4.7
Pennsylvania 4.5
Ohio 3.7
New Jersey 2.8
Arizona 2.7
Top 10 Total 67.0

Sector Weightings

Sector % of Net Assets
■ Industrial Development Revenue 15.5
■ Tax 12.9
■ Hospitals 11.7
■ Education 9.8
■ Local GO 9.7
■ Health 6.6
■ Tobacco 6.0
■ Leasing COPS & Appropriations 4.3
■ Toll & Turnpike 4.3
■ Multi-Family Housing 3.4
■ Other/Cash 15.9

Credit Quality†

Composite Rating % of Net Assets
Investment Grade AAA 0.06
AA 1.69
A 6.50
BBB 23.17
Non-Investment Grade BB 19.64
B 4.74
CCC 1.69
CC 0.00
Total Investment Grade -- 31.42
Total Non-Investment Grade -- 26.07
Not Rated -- 41.99

Prior to September 1, 2020, the fund was known as the VanEck High-Yield Municipal Index ETF.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. Index returns assume that dividends have been reinvested.

†Credit quality ratings are measured on a scale that ranges from AAA (highest) to D (lowest), and are based on credit ratings from S&P and Moody’s. If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

An investment in the Fund may be subject to risks which include, among others, municipal securities, high yield securities, credit, interest rate, call, private activity bonds, industrial development bond, special tax bond, California, Illinois, market, operational, sampling, index tracking, tax, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares and concentration risks, all of which may adversely affect the Fund. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. Municipal bonds may be less liquid than taxable bonds. A portion of the dividends you receive may be subject to the federal alternative minimum tax (AMT).There is no guarantee that the Fund's income will be exempt from federal, state or local income taxes, and changes in those tax rates or in alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax.

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 contain this and other information, call 800.826.2333 or visit vaneck.com. 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.

Van Eck Securities Corporation, Distributor, a wholly-owned subsidiary of Van Eck Associates Corporation | 666 Third Avenue | New York, NY 10017

FUND TICKER: 800.826.2333 VANECK.COM