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  • Ticker:- HYEM;true;EMHY;
  • Ticker Group:- ETFFI_IB;false;;

  • Making News

    Journal of Indexes: Advantages of International High-Yield Bond Allocation


    05/01/13: Fran Rodilosso contributes to the May/June 2013 issue of Journal of Indexes, weighing the benefits and drawbacks of global high-yield bond exposure. "Investors who focus only on U.S. HY funds/indexes are missing approximately 35 percent of the world’s current HY opportunities, and consequently those regions with the highest rates of HY market growth."

     View article >> 


    ETF Daily News: Strong Inflows Push Market Vectors Emerging Markets and High-Yield Bond ETFs Past $200M AUM


    04/15/13: ETF Trends consults Fran Rodilosso on what strong inflows to HYEM and IHY tell us. “It is not the much anticipated ‘Great Rotation’ into equities we see, but rather investors starting to move assets between sub-sectors of fixed income, seeking out the shorter end of the yield curve and diversifying the kinds of instruments they hold.”

     View article >> 


    Barron's: Playing the Latest Market Top With Dividend Stocks


    03/06/13: J. Kimelman talks about EMLC when he discusses "several emerging-market bond exchange-traded funds with decent yields and low expenses." He reports that EMLC "recently surpassed $1.5 billion in assets under management, has one of the highest yields among broad emerging-market debt-focused ETFs," and a relatively low expense ratio.

     View article >> 


    Benzinga: Bond ETFs Resisting Chavez Rumors Yet Again


    03/01/13: HYEM is showcased by Benzinga as one of three ETFs holding Venezulan bonds, which may be impacted President Hugo Chavez's recent death.
    View article >>     


    ETF Database: EM Bond ETF Cheat Sheet - CHLC & BONO


    01/17/13: S. Bojinov highlights the low expenses, and the attractive depth and balance of CHLC in his article on EM debt ETFs. He also mentions the attractive yield offered by BONO: "Emerging Markets Bonds ETFs aren’t generally known for high dividend payouts, but [some of these ETFs] have meaningful dividend yields."
      View article >> 


    Seeking Alpha Likes IHY


    01/13/13: Tom Lydon spotlights IHY in his article, "Tom Lydon Positions For 2013: An ETF Trend-Following Strategy For All Seasons." Lydon discusses how he has been moving up the yield curve, "into the traditionally 'riskier' sectors of fixed-income such as corporates, high-yield and overseas," in order to find yield in this exceptionally low-rate environment.  He likes IHY as an investment option in the emerging markets bond international space. 
    View article >> 


  • How to Purchase

    Learn more

EM High Yield Bond ETF HYEM

  • Full Name: Market Vectors®
    Emerging Markets High Yield Bond ETF (HYEM)

    Management Style: Sampling

    Underlying Index: The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY)

    Index Description: EMHY is comprised of U.S. dollar-denominated bonds issued by non-sovereign emerging markets issuers that are rated below investment grade and issued in the major domestic or eurobond markets.

  •    

    • Fund Ticker

      HYEM

    • Exchange

      NYSE Arca

    • Index Total Return Ticker

      EMHY

    • Index Provider

      BofA Merrill Lynch

    • Total Net Assets

      $247.3M

    • Shares Outstanding

      9,200,000

    • Number of Holdings

      246

    • Commencement Date

      05/08/2012

  •   as of 05/22/13

  • Key Points

    • Focuses Solely on Non-Sovereign Segment of the High Yield EM Bond Market 7 

    • HY EM Corporate Bonds Currently Have Higher Yields than HY EM Sovereign and HY U.S. Corporate Bonds8 

    • HY EM Corporate Bonds Historically Have Had Lower Default Rates than HY U.S. Corporate Bonds9  

  • Yields as of 05/22/13

    • 30-Day SEC Yield1

      5.63%

    • Distribution Yield1

      4.09%

    • 12-Month Yield1

      5.74%
     1 See Important Disclosure for definitions.

  • Fees & Expenses2

    • Management Fee

      0.40%

    • Other Expenses

      0.13%

    • Acquired Fund Fees and Expenses

      --

    • Gross Expense Ratio

      0.53%

    • Fee Waivers and
      Expense Reimbursement

      (0.13)%

    • Net Expense Ratio

      0.40%
    2Expenses for HYEM are capped contractually at 0.40% until 09/01/13. Cap excludes certain expenses, such as interest. See Important Disclosure for more information.

  • Trading Information

    • Fund Ticker

      HYEM

    • Index Total Return Ticker

      EMHY

    • NAV

      HYEMNV

    • Intraday NAV (IIV)5

      HYEMIV

    • Shares Outstanding

      9,200,000

    • Estimated Cash

      HYEMEU

    • Total Cash

      HYEMTC

    • CUSIP

      57061R403

    • ISIN

      US57061R4039
    5See IIV Details. Source: Bloomberg

  • Fundamentals4 as of 05/17/13

    • Yield to Worst

      6.08%

    • Yield to Maturity

      6.45%

    • Effective Duration (yrs)

      4.07

    • Modified Duration (yrs)

      4.44

    • Years to Maturity

      6.07

    • Coupon

      7.90%

     4 See Important Disclosure for definitions.

  • Prices as of 05/22/13

    TickerNAV/
    Last Price    		Avg. 30-Day
    Trading
    Volume    		Daily Change
    NAV/
    Last Price    		 YTD Change
    NAV/
    Last Price    		Premium/
    Discount    		Prem/Discount
    Distribution Charts    		NAV &
    Prem/Discount
    History    		NAV
    Price
    Chart
    HYEM $26.88
    $26.91         		49,725
    55,570
    $0.00 / +0.0%
    $0.00 / +0.0%
    		+ 2.4%
    + 1.6%
    		$0.03
    0.11%

  • View All Indices » View All ETFs » Performance History: Average Annual Total Returns* (%)

    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    05/08/12
    HYEM (NAV) 0.62 1.00 2.52 -- -- -- -- 13.47
    HYEM (Share Price) 0.35 0.03 1.82 -- -- -- -- 13.65
    EMHY (Index) 0.70 1.41 2.49 15.09 -- -- -- 14.83
    Performance Differential (NAV - Index) -0.08 -0.41 0.03 -- -- -- -- -1.36
    After Tax Held -- -- -- -- -- -- -- 11.09
    After Tax Sold -- -- -- -- -- -- -- 7.87
    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    05/08/12
    HYEM (NAV) -0.28 1.89 1.89 -- -- -- -- 12.77
    HYEM (Share Price) -0.20 1.46 1.46 -- -- -- -- 13.25
    EMHY (Index) -0.14 1.78 1.78 15.01 -- -- -- 14.03
    Performance Differential (NAV - Index) -0.08 -0.41 0.03 -- -- -- -- -1.36
    After Tax Held -- -- -- -- -- -- -- 10.67
    After Tax Sold -- -- -- -- -- -- -- 7.48

    *Returns less than one year are not annualized.

    The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

    The "Net Asset Value" (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

    The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

  • View All Holdings » Top 10 Holdings (%) as of 04/30/13

    Total Holdings: 237
    Holding Name
    Coupon
    		 Maturity
    Composite
    Rating
    Country†
    Currency
    		 % of Net
    Assets
    Petroleos de Venezuela SA
    5.250
    		 04/12/2017
    B+
    Venezuela
    USD
    		 1.98
    Country Garden Holdings Co Ltd
    11.125
    		 02/23/2018
    BB-
    Cayman Islands
    USD
    		 1.76
    Majapahit Holding BV
    8.000
    		 08/07/2019
    BB+
    Netherlands
    USD
    		 1.76
    Cemex Espana Luxembourg
    9.875
    		 04/30/2019
    B
    Spain
    USD
    		 1.68
    Power Sector Assets & Liabilities Manag
    7.250
    		 05/27/2019
    BB+
    Philippines
    USD
    		 1.52
    Petroleos de Venezuela SA
    5.000
    		 10/28/2015
    NR
    Venezuela
    USD
    		 1.48
    Alfa Bank OJSC Via Alfa Bond Issuance P
    7.875
    		 09/25/2017
    BB+
    Ireland
    USD
    		 1.43
    Centrais Eletricas Brasileiras SA
    6.875
    		 07/30/2019
    BB+
    Brazil
    USD
    		 1.25
    Digicel Group Ltd
    10.500
    		 04/15/2018
    CCC+
    Bermuda
    USD
    		 1.20
    Yapi ve Kredi Bankasi Via Unicredit Lux
    5.188
    		 10/13/2015
    BBB-
    Luxembourg
    USD
    		 1.17
    Top 10 Total (%) 15.23

    †See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

  • Country Weightings (%) as of 04/30/13

    • Domicile

      % of Net Assets

    • CHINA

      14.0

    • UNITED KINGDOM

      11.2

    • LUXEMBOURG

      11.0

    • NETHERLANDS

      6.4

    • VENEZUELA

      6.2

    • IRELAND

      4.5

    • COLOMBIA

      3.5

    • TURKEY

      3.2

    • MEXICO

      2.9

    • UNITED STATES

      2.8

    • INDONESIA

      2.5

    • JAMAICA

      2.5

    • BRAZIL

      2.4

    • BVI

      2.3

    • SINGAPORE

      2.2

    • KAZAKHSTAN

      2.2

    • ARGENTINA

      2.2

    • PHILIPPINES

      2.2

    • UKRAINE

      1.9

    • ISRAEL

      1.4

    • Other

      12.4

    • Total

      99.9

  • Currency Exposure (%)
    as of 04/30/13

    • U.S. Dollar

      96.98

    • Other

      3.02

    • Total

      100.00

  • Sector Weightings (%) as of 04/30/13

    • Sector

      % of Net Assets

    • Financial

      30.5

    • Energy

      15.4

    • Basic Materials

      10.2

    • Industrial

      10.1

    • Communications

      10.1

    • Utilities

      8.3

    • Consumer, Cyclical

      4.6

    • Government

      4.3

    • Consumer, Non-cyclical

      2.9

    • Technology

      0.5

    • Diversified

      0.1

    • Other

      3.0

    • Total

      100.0

  • Credit Quality (%) as of 04/30/13

    Composite Rating % of Net Assets
    Investment Grade BBB 1.17
    Non-Investment Grade BB 51.82
    B 31.92
    CCC 5.42
    CC 0.03
    Total Investment Grade 1.17
    Total Non-Investment Grade 89.19
    Not rated 9.64
    Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion.

  • Maturity (%) as of 04/30/13

    Average Portfolio Maturity: 6.10 Years

  • Contact Us

    Van Eck Securities
    Corporation, Distributor
    335 Madison Avenue, 19th Fl.
    New York, NY 10017
    888.MKT.VCTR
    888.658.8287
    marketvectors@vaneck.com

  • Important Disclosure

    130-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The Distribution Yield is the annual yield an investor would receive if the most recent fund distribution stayed the same going forward. The yield represents a single distribution from the fund and does not represent the total return of the fund.  The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    2HYEM Fees & Expenses: “Other Expenses” are based on estimated amounts for the current fiscal year.Van Eck Associates Corporation (the “Adviser”) has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

    3Morningstar Ratings: ©2013 Morningstar, Inc. All Rights Reserved.  All Rights Reserved. Not applicable at this time.

    4These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases.Years to Maturity is the length of time until a fixed-income investment returns its original investment. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

    5IIV is an abbreviation for An ETF's intraday indicative value; it is an estimated fair value of its holdings based on the most recent prices of its underlying securities and other assets. Intraday values are typically updated every 15 seconds and should closely approximate the net asset value (NAV) of an ETF throughout the trading day. ETF intraday values are calculated by an exchange (e.g., the NYSE Arca) and are distributed through quote services.

    6The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    7All references to high-yield emerging markets corporate or non-sovereign bonds are to U.S. dollar-denominated bonds within these categories.

    8As represented by The BofA Merrill Lynch High Yield U.S. Emerging Markets Liquid Corporate Plus Index for USD-denominated EM high-yield corporate bonds, The BofA Merrill Lynch USD Emerging Markets Sovereigns Index for USD-denominated EM high-yield sovereign bonds and The BofA Merrill Lynch U.S. High Yield Master Index II for U.S. high-yield corporate bonds.

     9The FX G10  Source: Standard & Poor’s Global Fixed Income Research and Standard & Poor’s CreditPro®; 2011 Annual Global Corporate Default Study and Rating Transitions.

    The Fund may be subject to credit risk, interest rate risk and a greater risk of loss of income and principal than higher rated securities. Investments in emerging markets securities are subject to elevated risks which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations of foreign ownership, political instability, armed conflict and social instability. Investors should be willing to accept a high degree of volatility and the potential of significant loss. For a more complete description of these and other risks, please refer to the Fund’s prospectus and summary prospectus. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.

    Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “Bank of America Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

    After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement.

    Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

    Country of Risk: The International Organization for Standardization (ISO) country code of the issuer's country of risk. The assignment of an issuer's country of risk takes four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the Chief Executive Officer (CEO), Chief Financial Officer CFO), Chief Operating Officer (COO), and/or General Counsel is otherwise.

    The “Net Asset Value” (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

    Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 888.MKT.VCTR or on this web page. 

    Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus and summary prospectus carefully before investing. 

    Not FDIC Insured — No Bank Guarantee — May Lose Value

 © 2013 Van Eck Securities Corporation. All rights reserved.