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IHY
VanEck Vectors International High Yield Bond ETF

Fund Description

The VanEck Vectors®International High Yield Bond ETF (IHY®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE BofA Global ex-US Issuers High Yield Constrained Index (HXUS), which is comprised of U.S. dollar, Canadian dollar, pound sterling, and euro denominated below investment grade corporate bonds issued by non-U.S. corporations in the major domestic or Eurobond markets.

 
 

  • Fund Ticker

    IHY
  • Exchange

    NYSE Arca
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    HXUS
  • Index Rebalancing

    Monthly
  • 2020 Preliminary NAIC
    Designation7

    4.A

 
as of 03/03/21

  • 30-Day SEC Yield1

    3.37%
  • Total Net Assets

    $108.2M
  • Number of Holdings

    740
  • Options

    Available
  • Gross Expense Ratio2

    0.62%
  • Net Expense Ratio/TER2

    0.40%
  • Distribution Frequency

    Monthly
1, 2, 7 See Important Disclosure

Morningstar™ Ratings3
as of 01/31/2021

Category Overall 3 Year 5 Year
High Yield Bond
3 stars of 631 funds
2 stars of 631 funds
3 stars of 554 funds

Key Points

Diversified non-U.S. high yield exposure
International high yield bonds represent over 45% of the global high-yield market8
Higher credit quality
Historically lower default rates than U.S. high-yield bonds9
Reduced interest rate risk
Historically lower duration than U.S. high-yield bonds10

Yield
as of 03/03/21

  • 30-Day SEC Yield1

    3.37%
  • Distribution Yield1

    3.97%
  • 12-Month Yield1

    4.62%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%
  • Other Expenses

    0.22%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.62%
  • Fee Waivers and
    Expense Reimbursement

    -0.22%
  • Net Expense Ratio/TER2

    0.40%
2Expenses for IHY are capped contractually at 0.40% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    IHY
  • Index Total Return Ticker

    HXUS
  • NAV

    IHYNV
  • Intraday NAV (IIV)5

    IHYIV
  • Shares Outstanding

    4,200,000
  • Estimated Cash

    IHYEU
  • Total Cash

    IHYTC
  • CUSIP

    92189F445
  • ISIN

    US92189F4458
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 03/02/21

  • Yield to Worst

    3.81%
  • Yield to Maturity

    4.25%
  • Effective Duration (yrs)

    3.19
  • Years to Maturity

    4.61
  • Modified Duration (yrs)

    3.87
  • Coupon

    5.15%
 4 See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager and Head of Fixed Income ETFs
  • Responsible for portfolio strategies as well as credit and market analysis; specializes in international bond markets
  • Joined VanEck in 2012
  • Prior to VanEck, Managing Director of Global Emerging Markets with The Seaport Group; launched the firm’s emerging markets fixed income sales and trading business
  • Previously, held portfolio management positions at Greylock Capital and Soundbrook Capital; focused on corporate high-yield and distressed bonds with an emphasis on emerging markets
  • CFA charterholder; member of CFA Society New York
  • MBA (with distinction), Finance, University of Pennsylvania
  • AB, History, Princeton University
  • Analyst 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
  • Quantitative Analyst for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • Trader 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

Prices as of 03/03/21

NAV/
Market 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
30-Day
Median
Bid Ask
Spread
NAV
Chart
IHY $25.76
$25.75
22,956
51,060
-$0.01 / -0.03%
$0.02 / +0.08%
+0.12%
+0.02%
$-0.01
-0.04%
--

Premium/Discount History as of 03/03/21

Calendar Year 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 35 7 12 27 25
IHY Days closed at NAV 17 7 2 4 4
Days closed at a discount 200 48 49 33 35

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/02/12
IHY (NAV) 0.11 7.29 0.11 7.97 4.54 7.99 -- 5.68
IHY (Share Price) -0.32 7.58 -0.32 7.63 4.51 7.99 -- 5.64
HXUS (Index) -0.19 7.90 -0.19 8.61 5.00 8.74 -- 6.40
Performance Differential (NAV - Index) 0.30 -0.61 0.30 -0.64 -0.46 -0.75 -- -0.72
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/02/12
IHY (NAV) 2.17 7.39 8.59 8.59 5.30 7.73 -- 5.73
IHY (Share Price) 2.69 7.42 8.64 8.64 5.34 7.97 -- 5.74
HXUS (Index) 2.72 8.34 9.28 9.28 5.78 8.41 -- 6.49
Performance Differential (NAV - Index) -0.55 -0.95 -0.69 -0.69 -0.48 -0.68 -- -0.76

Top 10 Holdings (%) as of 01/31/21 Daily Holdings

Total Holdings: 694
Swipe
to view
full data
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
ALTICE FRANCE SA/FRANCE
7.375
05/01/2026
B
Luxembourg
USD
0.71
VODAFONE GROUP PLC
3.100
01/03/2079
BB+
United Kingdom
EUR
0.49
SUNAC CHINA HOLDINGS LTD
7.950
08/08/2022
BB-
China
USD
0.42
SOFTBANK GROUP CORP
6.250
04/15/2028
BB
Japan
USD
0.39
INTRUM AB
3.125
07/15/2024
BB
Sweden
EUR
0.35
PETROBRAS GLOBAL FINANCE BV
5.093
01/15/2030
BB-
Brazil
USD
0.35
KWG GROUP HOLDINGS LTD
5.875
11/10/2024
BB-
China
USD
0.35
TELECOM ITALIA SPA/MILANO
3.625
05/25/2026
BB+
Italy
EUR
0.33
ALTICE FRANCE SA/FRANCE
8.125
02/01/2027
B
Luxembourg
USD
0.33
ROLLS-ROYCE PLC
1.625
05/09/2028
BB
United Kingdom
EUR
0.33
Top 10 Total (%) 4.05

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

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Country Weightings (%) as of 01/31/21

  • Country

    % of Net Assets
  • China

    10.04
  • Brazil

    8.87
  • Italy

    8.25
  • United Kingdom

    7.86
  • France

    6.20
  • Germany

    5.68
  • Canada

    5.20
  • Luxembourg

    4.92
  • Mexico

    4.58
  • Spain

    3.84
  • India

    2.49
  • Turkey

    2.39
  • United States

    2.36
  • Netherlands

    2.12
  • Israel

    2.03
  • Russia

    1.82
  • Japan

    1.44
  • Uae

    1.18
  • South Africa

    1.16
  • Colombia

    1.13
  • Other/Cash

    16.43

Currency Exposure (%)
as of 01/31/21

  • U.S. Dollar

    58.96
  • Euro

    35.82
  • British Pound

    3.72
  • Canadian Dollar

    0.61
  • Other/Cash

    0.89

Sector Weightings (%) as of 01/31/21

  • Sector

    % of Net Assets
  • Financials

    33.7
  • Technology

    11.8
  • Industrials

    11.4
  • Basic Materials

    9.4
  • Energy

    9.3
  • Consumer Cyclicals

    6.7
  • Real Estate

    6.3
  • Utilities

    4.6
  • Consumer Non-Cyclicals

    3.1
  • Healthcare

    2.5
  • Industrial

    0.0
  • Other/Cash

    1.1

Credit Quality (%) as of 01/31/21

Composite % of Net Assets
Non-Investment Grade BB 67.76
B 26.39
CCC 4.91
CC 0.21
D 0.18
Total Non-Investment Grade -- 99.45
Not Rated -- 0.55
Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Maturity (%) as of 01/31/21

 Average Portfolio Maturity: 4.70 Years