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IHY
VanEck International High Yield Bond ETF

Fund Description

The VanEck 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
  • Inception Date

    04/02/2012
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    HXUS
  • Index Rebalancing

    Monthly
  • 2022 Preliminary NAIC Designation7

    4.A

  as of 12/08/22

  • 30-Day SEC Yield1

    7.41%
  • Total Net Assets

    $60.8M
  • Number of Holdings

    702
  • Options

    No
  • Gross Expense Ratio2

    0.40%
  • Net Expense Ratio/TER2

    0.40%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    12/27/2022
1, 2, 7See Important Disclosure

Fund Highlights

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 12/08/22

  • 30-Day SEC Yield1

    7.41%
  • Distribution Yield1

    4.93%
  • 12-Month Yield1

    4.99%

Fees and Expenses2

  • Management Fee

    0.40%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.40%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.40%

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. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.

Trading Information

  • Fund Ticker

    IHY
  • Index Total Return Ticker

    HXUS
  • NAV

    IHYNV
  • Intraday NAV (IIV)5

    IHYIV
  • Shares Outstanding

    3,100,000
  • Estimated Cash

    IHYEU
  • Total Cash

    IHYTC
  • CUSIP

    92189F445
  • ISIN

    US92189F4458
5See IIV Details. Source: Bloomberg

Fundamentals4 as of 12/08/22

  • Yield to Worst

    7.91%
  • Yield to Maturity

    8.01%
  • Effective Duration (yrs)

    3.42
  • Years to Maturity

    11.19
  • Modified Duration (yrs)

    4.58
  • Coupon

    4.79%
 4See Important Disclosure for definitions.

Investment Professionals

  • Head of Fixed Income ETF Portfolio Management
  • 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
  • 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
  • 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
  • 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

Prices as of 12/08/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
IHY $19.61
$19.65
37,565
24,767
$0.04 / +0.23%
$0.02 / +0.10%
-14.74%
-14.91%
$0.04
0.22%
0.31%

Premium/Discount History as of 12/08/22

Calendar Year 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Premium/Discount Charts NAV & Prem/Discount History
IHY Days closed at a premium 144 32 14 6 24
Days closed at NAV 19 5 6 4 2
Days closed at a discount 89 27 42 52 38

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) 6.55 1.59 -16.35 -15.23 -3.55 -1.00 1.94 2.66
IHY (Share Price) 8.07 4.02 -15.39 -13.96 -3.01 -0.54 2.01 2.82
HXUS(Index) 7.06 1.84 -17.20 -16.10 -3.52 -0.89 2.43 3.17
Performance Differential (NAV - Index) -0.51 -0.25 0.85 0.87 -0.03 -0.11 -0.49 -0.51
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/02/12
IHY (NAV) -5.72 -4.60 -22.37 -24.09 -5.26 -2.35 1.57 1.98
IHY (Share Price) -5.37 -4.91 -23.02 -24.19 -5.32 -2.47 1.34 1.94
HXUS(Index) -5.76 -4.67 -23.38 -25.19 -5.30 -2.28 2.04 2.46
Performance Differential (NAV - Index) 0.04 0.07 1.01 1.10 0.04 -0.07 -0.47 -0.48

Top 10 Holdings (%) as of 11/30/22

Daily Holdings
Total Holdings: 702
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
Industrial & Commercial Bank Of China L
3.200
03/24/2072
China
USD
0.78
Electricite De France Sa
5.625
01/22/2168
France
USD
0.48
Teva Pharmaceutical Finance Netherlands
3.150
10/01/2026
Israel
USD
0.40
Lamar Funding Ltd
3.958
05/07/2025
Oman
USD
0.36
Altice Financing Sa
5.000
01/15/2028
Luxembourg
USD
0.35
Intesa Sanpaolo Spa
3.928
09/15/2026
Italy
EUR
0.34
Virgin Media Vendor Financing Notes Iii
4.875
07/15/2028
Ireland
GBP
0.34
Dp World Salaam
6.000
07/01/2169
United Arab Emirates
USD
0.34
Vodafone Group Plc
7.000
04/04/2079
United Kingdom
USD
0.34
Nexi Spa
1.750
10/31/2024
United Kingdom
EUR
0.34
Top 10 Total (%) 4.07
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

‡See Country of Risk disclosure.

Country Weightings (%)
as of 11/30/22

Country % of Net Assets
United Kingdom 11.38
France 9.04
Canada 7.37
Italy 6.99
Brazil 6.72
Germany 5.64
Luxembourg 5.40
China 4.25
Mexico 4.24
Spain 4.23
Netherlands 3.92
United States 2.70
Turkey 2.31
Colombia 2.25
India 2.01
Israel 1.80
Japan 1.49
Ireland 1.17
Sweden 1.08
Argentina 0.99
Other/Cash 15.03

Currency Exposure (%) as of 11/30/22

U.S. Dollar 53.91
Euro 40.00
British Pound 4.13
Canadian Dollar 1.27
n/a 0.29
Other/Cash 0.40

Sector Weightings (%)
as of 11/30/22

Sector % of Net Assets
Financials 30.33
Technology 13.08
Industrials 12.61
Energy 11.29
Basic Materials 7.56
Consumer Cyclicals 7.51
Utilities 7.23
Consumer Non-Cyclicals 3.98
Healthcare 3.66
Real Estate 1.52
Institutions; Associations & Orgs 0.42
Other/Cash 0.80

Credit Quality (%) as of 11/30/22

Composite % of Net Assets
Investment Grade BBB 1.69
Non-Investment Grade BB 59.42
B 30.12
CCC 5.70
CC 0.11
D 0.19
Total Investment Grade -- 1.69
Total Non-Investment Grade -- 95.54
Not Rated -- 1.88

Maturity (%)
as of 11/30/22

Average Portfolio Maturity: 11.18 Years

Maturity (%)

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