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HYD VanEck Vectors High-Yield Municipal Index ETF

  • Fund Description

    The VanEck Vectors High-Yield Municipal Index ETF (HYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR), which is intended to track the overall performance of the U.S. dollar denominated high yield long-term tax-exempt bond market. HYD is expected to pay monthly dividends. 

  •  
      

    • Fund Ticker

      HYD
    • Exchange

      NYSE Arca
    • Commencement

      02/04/2009
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMEHTR
    • Index Rebalancing

      Monthly
    • Preliminary NAIC
      Designation7

      4
  •  
    as of 08/29/16

    • 30-Day SEC Yield1

      3.44%
    • Total Net Assets

      $2.3B
    • Number of Holdings

      1466
    • Options

      Available
    • Gross Expense Ratio2

      0.35%
    • Net Expense Ratio/TER2

      0.35%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      08/31/2016

    1, 2, 7 See Important Disclosure

  • Index Key Points

    The Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR) comprises:

    More than 4,000 bonds drawn primarily from revenue sector, but also from general obligation sector.

    Issues eligible for inclusion in Index:

    • Outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade.
    • Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa and the Northern Mariana Islands, each individually capped form exceeding 8
    • Targeted 75% weight in noninvestment grade municipal bonds, a targeted 25% weight in triple-B rated investment grade municipal bonds.
    • Nominal maturity greater than 1 year.

    Index Provider: Bloomberg Index Services Limited

  • Index Profile

    • Ticker

      LMEHTR
    • Inception Date

      06/30/2008
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 08/26/16

    • Yield to Worst

      4.16%
    • Yield to Maturity

      4.99%
    • Effective Duration (yrs)

      7.20
    • Duration to Worst (yrs)

      5.92
    • Modified Duration (yrs)

      7.55
    • Spread Duration (yrs)

      6.92
    • Years to Maturity

      20.18
    • Coupon

      5.22%
    • AMT

      9.53%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 07/31/16

    Total Constituents: 5024
    Issuer Name
    StateWeighting (%)
    Buckeye Ohio Tob Settlement Fing Auth
    OH
    4.89
    Golden St Tob Securitization Corp Calif Tob Settlement
    CA
    3.83
    Tobacco Settlement Fing Corp N J
    NJ
    2.70
    Chicago Ill Brd Ed For Issues Dtd Prior To 09/05/07 See
    IL
    2.53
    Puerto Rico Sales Tax Fing Corp Sales Tax Rev
    PR
    2.21
    Illinois St For Issues Dtd Prior To 01/16/2010 See 4521
    IL
    2.10
    New York Liberty Dev Corp Liberty Rev
    NY
    1.90
    California Statewide Cmntys Dev Auth Rev For Issues Dat
    CA
    1.84
    New York Transn Dev Corp Spl Fac Rev
    NY
    1.60
    Jefferson Cnty Ala Swr Rev
    AL
    1.56
    Top 10 Total (%)25.16
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%) as of 07/31/16

    • State

      % of Net Assets
    • California

      16.8
    • New York

      10.0
    • Illinois

      9.7
    • Ohio

      6.6
    • Texas

      6.5
    • New Jersey

      5.1
    • Pennsylvania

      4.5
    • Florida

      4.4
    • Puerto Rico

      4.2
    • Iowa

      2.3
    • Alabama

      2.2
    • Michigan

      2.1
    • Colorado

      2.1
    • Virginia

      2.0
    • Indiana

      1.7
    • Maryland

      1.6
    • Arizona

      1.6
    • Louisiana

      1.5
    • Minnesota

      1.2
    • Dist. of Columbia

      1.1
  • Index Sector Weightings (%) as of 07/31/16

    • Sector

      % of Net Assets
    • IDR/PCR

      37.3
    • Health Care Facilities

      20.9
    • Special Tax

      10.3
    • Transportation

      7.3
    • Education

      6.2
    • Local General

      5.8
    • State General

      3.8
    • Water Utilities

      3.1
    • Housing

      1.9
    • Power Utilities

      1.8
    • Leasing

      1.4
    • Resource Recovery

      0.1
  • Index Credit Quality (%) as of 07/31/16

    Composite % of Net Assets
    Investment Grade AAA 0.37
    AA 0.11
    A 0.36
    BBB 25.03
    Non-Investment Grade BB 18.32
    B 20.04
    CCC 4.07
    CC 1.68
    C 0.13
    D 2.08
    Total Investment Grade -- 25.87
    Total Non-Investment Grade -- 46.32
    Not Rated -- 27.81
    Barclays Composite Rating: A blend of a security's Moody's, S&P, and Fitch ratings. If all three agencies rate the security, the middle rating is taken. If only two agencies rate a security, the lower rating is taken. If only one agency rates a security, that rating is used. Not rated indicates that a security is rated by fewer than one of the three rating agencies. This composite is not intended to be a credit opinion.
  • Maturity (%) as of 07/31/16

    Average Maturity: 20.27 Years