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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.

 
 

  • Fund Ticker

    HYD
  • Exchange

    Cboe
  • Commencement

    02/04/2009
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMEHTR
  • Index Rebalancing

    Monthly
  • 2019 Preliminary NAIC
    Designation7

    4

 
as of 02/26/20

  • 30-Day SEC Yield1

    2.92%
  • Total Net Assets

    $4.0B
  • Number of Holdings

    2219
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    02/28/2020

1, 2, 7 See Important Disclosure

Morningstar™ Ratings3
as of 1/31/2020

Category Overall 3 Year 5 Year
High Yield Muni
4 stars of 156 funds
4 stars of 156 funds
4 stars of 135 funds

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, 1970-2018"

Yields
as of 02/26/20

  • 30-Day SEC Yield1

    2.92%
  • Distribution Yield1

    3.73%
  • 12-Month Yield1

    3.92%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.32%
  • 22% Federal Tax Rate

    3.74%
  • 24% Federal Tax Rate

    3.84%
  • 32% Federal Tax Rate

    4.29%
  • 35% Federal Tax Rate

    4.49%
  • 37% Federal Tax Rate

    4.63%
 1/1a See Important Disclosure for definitions.

Fees & 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.

Trading Information

  • Fund Ticker

    HYD
  • Index Total Return Ticker

    LMEHTR
  • NAV

    HYDNV
  • Intraday NAV (IIV)5

    HYDIV
  • Shares Outstanding

    60,846,401
  • Estimated Cash

    HYDEU
  • Total Cash

    HYDTC
  • CUSIP

    92189H409
  • ISIN

    US92189H4092
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 02/25/20

  • Yield to Worst

    3.26%
  • Yield to Maturity

    4.33%
  • Effective Duration (yrs)

    6.08
  • Duration to Worst (yrs)

    5.58
  • Modified Duration (yrs)

    6.02
  • Spread Duration (yrs)

    6.23
  • Years to Maturity

    21.41
  • Coupon

    4.85%
  • AMT

    11.73%
 4 See Important Disclosure for definitions.

Prices as of 02/26/20

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
HYD $66.16
$66.14
588,506
364,662
$0.02 / +0.02%
$0.03 / +0.05%
+3.87%
+3.93%
$-0.02
-0.03%

Premium/Discount History as of 02/21/20

Calendar Year 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 71 35 40 31 50
HYD Days closed at NAV 4 2 3 6 1
Days closed at a discount 176 24 20 27 13

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) 2.20 2.56 2.20 10.63 7.34 5.23 5.95 7.71
HYD (Share Price) 2.30 2.54 2.30 10.60 7.28 5.19 5.85 7.71
LMEHTR (Index) 2.21 2.95 2.21 11.80 8.71 6.52 7.44 9.01
Performance Differential (NAV - Index) -0.01 -0.39 -0.01 -1.17 -1.37 -1.29 -1.49 -1.30
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/04/09
HYD (NAV) 0.04 0.49 9.17 9.17 7.21 5.33 5.93 7.56
HYD (Share Price) -0.23 0.39 9.40 9.40 7.07 5.30 5.78 7.54
LMEHTR (Index) 0.32 0.92 10.15 10.15 8.35 6.56 7.35 8.87
Performance Differential (NAV - Index) -0.28 -0.43 -0.98 -0.98 -1.14 -1.23 -1.42 -1.31

Top 10 Holdings (%) as of 01/31/20 Daily Holdings

Total Holdings: 2,180
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to view
full data
Issuer Name State Weighting (%)
Buckeye Ohio Tob Settlement Fing Auth
OH
4.25
Illinois St
IL
3.77
Chicago Ill Brd Ed
IL
3.07
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
2.91
New Jersey St Transn Tr Fd Auth
NJ
2.33
Chicago Ill
IL
1.91
New Jersey Economic Dev Auth Rev
NJ
1.86
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
1.85
California Statewide Cmntys Dev Auth Rev
CA
1.57
Illinois Fin Auth Rev
IL
1.51
Top 10 Total (%) 25.03

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

Geographical Weightings (%) as of 01/31/20

  • State

    % of Net Assets
  • California

    12.5
  • Illinois

    12.2
  • New York

    7.3
  • Ohio

    6.9
  • New Jersey

    6.4
  • Florida

    5.8
  • Texas

    4.8
  • Puerto Rico

    4.5
  • Wisconsin

    3.2
  • Pennsylvania

    2.8
  • Arizona

    2.5
  • Colorado

    2.5
  • Iowa

    1.8
  • Alabama

    1.6
  • Missouri

    1.5
  • District of Columbia

    1.5
  • Tennessee

    1.4
  • Virginia

    1.3
  • Michigan

    1.2
  • Massachusetts

    1.2
  • Other

    16.9

Currency Exposure (%)
as of 01/31/20

  • U.S. Dollar

    98.96
  • Other/Cash

    1.04

Sector Weightings (%) as of 01/31/20

  • Sector

    % of Net Assets
  • Health Care

    22.4
  • Industrial Revenue

    17.3
  • Tobacco

    13.9
  • Special Tax

    9.1
  • Education

    8.2
  • Transportation

    6.7
  • Leasing

    6.3
  • Local

    6.3
  • State

    3.9
  • Housing

    2.4
  • Water & Sewer

    2.1
  • Cash

    1.0
  • Power

    0.4
  • Unassigned

    0.0
  • Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 01/31/20

Composite % of Net Assets
Investment Grade AAA --
BBB 29.19
Non-Investment Grade BB 18.87
B 8.37
CCC 6.15
Total Investment Grade -- 29.20
Total Non-Investment Grade -- 33.39
Not Rated -- 36.38
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 01/31/20

 Average Portfolio Maturity: 20.96 Years