HYDVanEck 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 07/01/22
-
30-Day SEC Yield1
4.28% -
Total Net Assets
$3.1B -
Number of Holdings
1721 -
Options
Available -
Gross Expense Ratio2
0.35% -
Net Expense Ratio/TER2
0.35% -
Distribution Frequency
Monthly -
Next Distribution Date
07/29/2022
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 07/01/22
-
30-Day SEC Yield1
4.28% -
Distribution Yield1
4.18% -
12-Month Yield1
4.23% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
4.86% -
22% Federal Tax Rate
5.49% -
24% Federal Tax Rate
5.63% -
32% Federal Tax Rate
6.29% -
35% Federal Tax Rate
6.58% -
37% Federal Tax Rate
6.79%
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, 2022.'
Trading Information
-
Fund Ticker
HYD -
Index Total Return Ticker
MXYT -
NAV
HYDNV -
Intraday NAV (IIV)5
HYDIV -
Shares Outstanding
56,996,401 -
Estimated Cash
HYDEU -
Total Cash
HYDTC -
CUSIP
92189H409 -
ISIN
US92189H4092
Fundamentals4 as of 07/01/22
-
Yield to Worst
4.87% -
Yield to Maturity
5.09% -
Effective Duration (yrs)
7.41 -
Duration to Worst (yrs)
8.12 -
Modified Duration (yrs)
10.21 -
Spread Duration (yrs)
7.49 -
Years to Maturity
19.50 -
Coupon
4.70% -
AMT
0.15%
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
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
Stephanie Wang
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2016
- MS, Financial Engineering, Baruch College
- BBA, Finance, Baruch College
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 02/04/09 |
|
---|---|---|---|---|---|---|---|---|
HYD (NAV) | 1.15 | -6.14 | -9.71 | -8.57 | -0.65 | 1.78 | 3.14 | 5.74 |
HYD (Share Price) | 1.67 | -5.55 | -9.72 | -8.68 | -0.58 | 1.83 | 3.13 | 5.75 |
MXYT** (Index) | 1.42 | -5.40 | -8.45 | -6.23 | 2.08 | 3.97 | 5.07 | 7.39 |
Performance Differential (NAV - Index) | -0.27 | -0.74 | -1.26 | -2.34 | -2.73 | -2.19 | -1.93 | -1.65 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 02/04/09 |
|
---|---|---|---|---|---|---|---|---|
HYD (NAV) | -3.63 | -7.29 | -7.29 | -3.86 | 0.92 | 2.85 | 3.80 | 6.03 |
HYD (Share Price) | -3.27 | -7.54 | -7.54 | -4.41 | 0.89 | 2.83 | 3.73 | 6.02 |
MXYT** (Index) | -3.41 | -6.52 | -6.52 | -1.94 | 3.56 | 5.03 | 5.61 | 7.66 |
Performance Differential (NAV - Index) | -0.22 | -0.77 | -0.77 | -1.92 | -2.64 | -2.18 | -1.81 | -1.63 |
Top 10 Holdings (%) as of 05/31/22 Daily Holdings
to view
full data
Issuer Name | State | Weighting (%) |
---|---|---|
Chicago Ill Brd Ed | IL | 4.90 |
New Jersey St Transn Tr Fd Auth | NJ | 3.37 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev | PR | 3.30 |
Illinois St | IL | 3.27 |
Buckeye Ohio Tob Settlement Fing Auth | OH | 2.67 |
New York Transn Dev Corp Spl Fac Rev | NY | 2.43 |
Cscda Cmnty Impt Auth Calif Essential Hsg Rev | CA | 2.21 |
Florida Dev Fin Corp Surface Transn Fac Rev | FL | 2.13 |
California Statewide Cmntys Dev Auth Rev | CA | 1.62 |
New Jersey Economic Dev Auth Rev | NJ | 1.60 |
Top 10 Total (%) | 27.49 |
Geographical Weightings (%) as of 05/31/22
-
State
% of Net Assets -
■
California
13.1 -
■
Illinois
12.0 -
■
New York
9.0 -
■
New Jersey
6.7 -
■
Florida
5.7 -
■
Puerto Rico
5.5 -
■
Texas
5.5 -
■
Ohio
4.1 -
■
Colorado
3.7 -
■
Pennsylvania
3.4 -
■
Wisconsin
2.9 -
■
Arizona
2.4 -
■
Virginia
1.9 -
■
Alabama
1.7 -
■
Washington
1.3 -
■
Michigan
1.2 -
■
Georgia
1.1 -
■
Iowa
1.0 -
■
Oklahoma
1.0 -
■
Massachusetts
1.0 -
■
Other/Cash
15.6
Currency Exposure (%)
as of 05/31/22
-
U.S. Dollar
98.52 -
Other/Cash
1.48
Sector Weightings (%) as of 05/31/22
-
Sector
% of Net Assets -
■
Industrial Development Revenue
10.9 -
■
Tax
9.9 -
■
Hospitals
9.7 -
■
Leasing COPS & Appropriations
9.5 -
■
Health
8.8 -
■
Local GO
8.2 -
■
Tobacco
7.5 -
■
Transportation
4.8 -
■
State GO
4.6 -
■
Multi-Family Housing
4.4 -
■
Education
3.7 -
■
Misc
3.6 -
■
Airport
3.5 -
■
Toll & Turnpike
2.9 -
■
Utilities - Other
1.9 -
■
Unassigned
1.9 -
■
Water & Sewer
1.6 -
■
Power
1.5 -
■
Refunded
0.6 -
■
Pollution Control
0.5 -
■
Single Family Housing
0.0
Credit Quality (%)† as of 05/31/22
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AA | 1.88 |
A | 6.46 | |
BBB | 21.31 | |
Non-Investment Grade | BB | 14.62 |
B | 4.51 | |
CCC | 0.94 | |
CC | 0.00 | |
D | 0.17 | |
Total Investment Grade | -- | 29.65 |
Total Non-Investment Grade | -- | 20.24 |
Not Rated | -- | 50.11 |
Maturity (%) as of 05/31/22
Average Portfolio Maturity: 20.20 Years