SHYDVanEck Short High Yield Muni ETF
Fund Description
The VanEck Short High Yield Muni ETF (SHYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX), 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 -
Inception Date
01/13/2014 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
MIHX -
Index Rebalancing
Monthly
as of 03/23/23
-
30-Day SEC Yield1
3.83% -
Total Net Assets
$406.0M -
Number of Holdings
595 -
Options
No -
Gross Expense Ratio2
0.35% -
Net Expense Ratio/TER2
0.35% -
Distribution Frequency
Monthly -
Next Distribution Date
03/31/2023
Key Documents and Links
Fund Highlights
- 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 20% BBB and 10% A investment-grade exposure as well as a 25% cap on non-rated bonds 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 03/23/23
-
30-Day SEC Yield1
3.83% -
Distribution Yield1
2.42% -
12-Month Yield1
2.67% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
4.35% -
22% Federal Tax Rate
4.91% -
24% Federal Tax Rate
5.04% -
32% Federal Tax Rate
5.63% -
35% Federal Tax Rate
5.89% -
37% Federal Tax Rate
6.08%
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%
2 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, 2023.
Trading Information
-
Fund Ticker
SHYD -
Index Total Return Ticker
MIHX -
NAV
SHYDNV -
Intraday NAV (IIV)5
SHYDIV -
Shares Outstanding
18,150,000 -
Estimated Cash
SHYDEU -
Total Cash
SHYDTC -
CUSIP
92189F387 -
ISIN
US92189F3872
Fundamentals4 as of 03/23/23
-
Yield to Worst
4.58% -
Yield to Maturity
4.79% -
Effective Duration (yrs)
4.17 -
Duration to Worst (yrs)
3.93 -
Modified Duration (yrs)
4.58 -
Spread Duration (yrs)
4.02 -
Years to Maturity
6.10 -
Coupon
4.61% -
AMT
0.00%
Investment Professionals
James Colby III
- 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
Stephanie Wang
- Deputy Portfolio Manager for non-taxable Fixed Income ETFs
- Oversees quantitative analysis and optimization processes for the fixed income ETFs
- Joined VanEck in 2016
- Prior to her current positions, served as quantitative analyst
- CFA charter holder; member of CFA Society New York
- MS, Financial Engineering, Baruch College; BBA, Finance, Baruch College
Daniel Cho
- 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
Jared Model
- 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
Tamara Lowin
- 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
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) | -1.53 | 0.71 | 0.41 | -5.73 | -2.23 | 1.23 | -- | 1.70 |
SHYD (Share Price) | -0.50 | 0.65 | 0.52 | -5.06 | -1.84 | 1.31 | -- | 1.76 |
MIHX** (Index) | -1.27 | 1.28 | 0.99 | -2.82 | 0.20 | 3.25 | 3.11 | 3.55 |
Performance Differential (NAV - Index) | -0.26 | -0.57 | -0.58 | -2.91 | -2.43 | -2.02 | -- | -1.85 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 01/13/14 |
|
---|---|---|---|---|---|---|---|---|
SHYD (NAV) | 0.30 | 2.32 | -9.06 | -9.06 | -1.28 | 1.12 | -- | 1.69 |
SHYD (Share Price) | 0.13 | 3.26 | -9.11 | -9.11 | -1.25 | 1.35 | -- | 1.73 |
MIHX** (Index) | 0.28 | 2.49 | -5.75 | -5.75 | 0.83 | 3.03 | -- | 3.50 |
Performance Differential (NAV - Index) | 0.02 | -0.17 | -3.31 | -3.31 | -2.11 | -1.91 | -- | -1.81 |
Top 10 Holdings (%) as of 02/28/23
Daily HoldingsIssuer Name | State | Weighting (%) |
---|---|---|
Chicago Ill Brd Ed | IL | 8.22 |
Illinois St | IL | 5.81 |
New York Transn Dev Corp Spl Fac Rev | NY | 5.24 |
Puerto Rico Comwlth | PR | 2.97 |
Houston Tex Arpt Sys Rev | TX | 2.31 |
New Jersey Economic Dev Auth Rev | NJ | 2.09 |
Puerto Rico Comwlth Aqueduct & Swr Auth Rev | PR | 1.64 |
New York St Dorm Auth Revs Non St Supported Debt | NY | 1.45 |
Florida Dev Fin Corp Surface Transn Fac Rev | FL | 1.28 |
Illinois St Sales Tax Rev | IL | 1.03 |
Top 10 Total (%) | 32.04 |
Geographical Weightings (%)
as of 02/28/23
State | % of Net Assets |
---|---|
● Illinois | 19.07 |
● New York | 12.25 |
● Texas | 8.11 |
● California | 6.23 |
● New Jersey | 5.97 |
● Puerto Rico | 5.48 |
● Pennsylvania | 5.18 |
● Florida | 4.24 |
● Alabama | 2.54 |
● Arizona | 1.99 |
● Louisiana | 1.95 |
● Colorado | 1.86 |
● Indiana | 1.67 |
● Michigan | 1.65 |
● Ohio | 1.62 |
● Washington | 1.40 |
● Georgia | 1.39 |
● Wisconsin | 1.31 |
● Guam | 1.24 |
● Virginia | 1.13 |
● Other/Cash | 13.69 |
Currency Exposure (%) as of 02/28/23
U.S. Dollar | 100.22 |
Other/Cash | -0.22 |
Sector Weightings (%)
as of 02/28/23
Sector | % of Net Assets |
---|---|
● Industrial Development Revenue | 17.46 |
● Local GO | 11.92 |
● State GO | 9.55 |
● Tax | 8.57 |
● Hospitals | 7.77 |
● Education | 6.47 |
● Health | 5.62 |
● Leasing COPS & Appropriations | 5.60 |
● Utilities - Other | 5.59 |
● Power | 4.92 |
● Airport | 4.68 |
● Transportation | 2.95 |
● Water & Sewer | 2.37 |
● Toll & Turnpike | 1.96 |
● Misc | 1.94 |
● Refunded | 0.89 |
● Pollution Control | 0.66 |
● Multi-Family Housing | 0.58 |
● Tobacco | 0.43 |
● Unassigned | 0.08 |
Credit Quality (%)† as of 02/28/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 0.01 |
AA | 3.10 | |
A | 12.28 | |
BBB | 23.40 | |
Non-Investment Grade | BB | 18.59 |
B | 8.57 | |
CCC | 0.43 | |
Total Investment Grade | -- | 38.79 |
Total Non-Investment Grade | -- | 27.58 |
Not Rated | -- | 33.36 |
Maturity (%)
as of 02/28/23
Average Portfolio Maturity: 6.08 Years