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HYD
VanEck High Yield Muni ETF

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 High Yield Crossover Municipal Bond Transition Index (MXYT), which is intended to track the overall performance of the U.S. dollar denominated high yield long-term tax-exempt bond market.

 
 

  • Fund Ticker

    HYD
  • Exchange

    Cboe
  • Inception Date

    02/04/2009
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    MXYT
  • Index Rebalancing

    Monthly
  • 2022 Preliminary NAIC Designation7

    5.A

 
as of 09/23/22

  • 30-Day SEC Yield1

    4.48%
  • Total Net Assets

    $2.8B
  • Number of Holdings

    1634
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2022

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, 1970-2019"

Yields
as of 09/23/22

  • 30-Day SEC Yield1

    4.48%
  • Distribution Yield1

    3.72%
  • 12-Month Yield1

    4.03%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    5.09%
  • 22% Federal Tax Rate

    5.74%
  • 24% Federal Tax Rate

    5.89%
  • 32% Federal Tax Rate

    6.59%
  • 35% Federal Tax Rate

    6.89%
  • 37% Federal Tax Rate

    7.11%
 1/1a See Important Disclosure for definitions.

Fees and 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. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.

Trading Information

  • Fund Ticker

    HYD
  • Index Total Return Ticker

    MXYT
  • NAV

    HYDNV
  • Intraday NAV (IIV)5

    HYDIV
  • Shares Outstanding

    54,696,401
  • Estimated Cash

    HYDEU
  • Total Cash

    HYDTC
  • CUSIP

    92189H409
  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/23/22

  • Yield to Worst

    5.39%
  • Yield to Maturity

    5.53%
  • Effective Duration (yrs)

    7.41
  • Duration to Worst (yrs)

    8.73
  • Modified Duration (yrs)

    9.75
  • Spread Duration (yrs)

    7.52
  • Years to Maturity

    19.17
  • Coupon

    4.81%
  • AMT

    0.14%
 4See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for non-taxable Fixed Income ETFs and Senior Municipal Strategist
  • Joined VanEck in 2007
  • Prior to joining VanEck, held several senior municipal fixed income positions at Lord Abbett, John Hancock Funds, Old Harbor Capital and Evergreen Asset Management
  • Member of National Municipal Buyers Conference (Chairman, 1996), Municipal Forum of New York, Boston Fixed Income Management Society and The Economics Club of New York
  • MBA, Finance, Hofstra University
  • BA, Economics and International Relations, Brown University
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2013
  • Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
  • MS, Finance, University of Rochester
  • BS, Information Sciences and Technology, Pennsylvania State University
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • Senior Trader, Portfolio Analyst for Fixed Income ETFs
  • Joined VanEck in 2017
  • Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
  • MBA, Finance, Montclair State University
  • BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
  • Senior credit analyst for non-taxable Fixed Income ETFs
  • Joined VanEck in 2021
  • Prior to joining VanEck, held several senior municipal analyst positions including director of research at Belle Haven Investments, senior municipal analyst at Brown Brothers, and municipal bond analyst at UBS
  • Member of National Federation of Municipal Analysts and the Municipal Analysts Group of New York
  • MBA, Finance and Public Policy, The Wharton School of Business; BA, Communications, University of Pennsylvania

Prices as of 09/23/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
HYD $50.98
$50.69
1,010,559
1,828,511
$-0.18 / -0.36%
$-0.24 / -0.47%
-16.25%
-16.82%
$-0.29
-0.56%
0.04%

Premium/Discount History as of 09/23/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 146 25 16 4 21
HYD Days closed at NAV 4 2 2 1 2
Days closed at a discount 102 37 46 57 39

Performance History: Average Annual Total Returns* (%)

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) -2.39 -2.86 -12.30 -12.61 -2.57 0.78 2.48 5.41
HYD (Share Price) -3.00 -3.38 -12.77 -13.02 -2.71 0.73 2.41 5.37
MXYT** (Index) -2.18 -1.89 -10.18 -9.92 0.31 3.15 4.51 7.10
Performance Differential (NAV - Index) -0.21 -0.97 -2.12 -2.69 -2.88 -2.37 -2.03 -1.69
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) -3.68 -6.20 -13.04 -12.83 -2.04 1.04 2.67 5.41
HYD (Share Price) -3.05 -5.34 -12.48 -12.39 -1.81 1.26 2.73 5.47
MXYT** (Index) -3.21 -5.21 -11.39 -10.24 0.81 3.36 4.67 7.09
Performance Differential (NAV - Index) -0.47 -0.99 -1.65 -2.59 -2.85 -2.32 -2.00 -1.68

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 1,684
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full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed IL 5.84
Puerto Rico Sales Tax Fing Corp Sales Tax Rev PR 3.14
New Jersey St Transn Tr Fd Auth NJ 2.78
New York Transn Dev Corp Spl Fac Rev NY 2.70
Illinois St IL 2.67
Buckeye Ohio Tob Settlement Fing Auth OH 2.43
Puerto Rico Comwlth PR 2.15
New Jersey Economic Dev Auth Rev NJ 1.98
Cscda Cmnty Impt Auth Calif Essential Hsg Rev CA 1.66
California Statewide Cmntys Dev Auth Rev CA 1.63
Top 10 Total (%) 26.99
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 08/31/22

  • State

    % of Net Assets
  • California

    12.5
  • Illinois

    12.0
  • New York

    9.6
  • New Jersey

    7.1
  • Puerto Rico

    5.7
  • Texas

    5.4
  • Florida

    4.9
  • Ohio

    4.1
  • Colorado

    3.8
  • Pennsylvania

    3.3
  • Wisconsin

    2.5
  • Arizona

    2.5
  • Virginia

    2.0
  • Alabama

    1.8
  • Washington

    1.4
  • Georgia

    1.2
  • Michigan

    1.2
  • Massachusetts

    1.2
  • Maryland

    1.2
  • Missouri

    1.1
  • Other/Cash

    15.8

Currency Exposure (%)
as of 08/31/22

  • U.S. Dollar

    98.95
  • Other/Cash

    1.05

Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • Industrial Development Revenue

    12.1
  • Tax

    11.9
  • Hospitals

    10.0
  • Local GO

    9.4
  • Health

    8.4
  • Education

    7.8
  • Tobacco

    6.2
  • Leasing COPS & Appropriations

    6.0
  • State GO

    5.0
  • Transportation

    4.6
  • Multi-Family Housing

    3.9
  • Toll & Turnpike

    2.7
  • Utilities - Other

    2.7
  • Misc

    2.1
  • Airport

    1.9
  • Power

    1.6
  • Unassigned

    1.4
  • Water & Sewer

    1.2
  • Refunded

    0.7
  • Pollution Control

    0.4

Credit Quality (%) as of 08/31/22

Composite % of Net Assets
Investment Grade AA 1.78
A 5.30
BBB 22.62
Non-Investment Grade BB 16.89
B 5.29
CCC 0.78
CC 0.00
D 0.02
Total Investment Grade -- 29.69
Total Non-Investment Grade -- 22.98
Not Rated -- 47.32

Maturity (%) as of 08/31/22

Average Portfolio Maturity: 19.53 Years