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HYD
VanEck 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 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
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMEHTR
  • Index Rebalancing

    Monthly
  • 2021 Preliminary NAIC
    Designation7

    4.C

 
as of 09/21/21

  • 30-Day SEC Yield1

    2.28%
  • Total Net Assets

    $3.9B
  • Number of Holdings

    1967
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly

1, 2, 7 See Important Disclosure

Why Invest?

Index Key Points

The Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR) comprises:

More than 4,000 bonds drawn primarily from revenue sector, but also from general obligation sector.

Issues eligible for inclusion in Index:

  • Outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade.
  • Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa and the Northern Mariana Islands, each individually capped from exceeding 4%.
  • Targeted 75% weight in noninvestment grade municipal bonds, a targeted 25% weight in triple-B rated investment grade municipal bonds.
  • Nominal maturity greater than 1 year.

Index Provider: Bloomberg Index Services Limited

Index Profile

  • Ticker

    LMEHTR
  • Inception Date

    06/30/2008
  • Rebalance Frequency

    Monthly

Index Fundamentals4
as of 09/20/21

  • Yield to Worst

    2.59%
  • Yield to Maturity

    3.83%
  • Effective Duration (yrs)

    5.95
  • Duration to Worst (yrs)

    5.15
  • Modified Duration (yrs)

    7.33
  • Spread Duration (yrs)

    6.39
  • Years to Maturity

    20.02
  • Coupon

    4.83%
  • AMT

    12.23%
 4 See Important Disclosure for definitions.

Top 10 Constituents (%) as of 08/31/21

Total Constituents: 7801
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full data
Issuer Name State Weighting (%)
Chicago Ill Brd Ed
IL
4.38
New Jersey St Transn Tr Fd Auth
NJ
4.00
New York Transn Dev Corp Spl Fac Rev
NY
3.08
Illinois St
IL
2.95
Buckeye Ohio Tob Settlement Fing Auth
OH
2.51
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
PR
2.38
Metropolitan Pier & Exposition Auth Ill Rev
IL
2.15
Golden St Tob Securitization Corp Calif Tob Settlement Rev
CA
1.88
New Jersey Economic Dev Auth Rev
NJ
1.76
California Statewide Cmntys Dev Auth Rev
CA
1.57
Top 10 Total (%) 26.66
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 08/31/21

  • State

    % of Net Assets
  • California

    14.0
  • Illinois

    13.1
  • New York

    8.5
  • New Jersey

    8.1
  • Florida

    5.6
  • Texas

    4.9
  • Ohio

    4.5
  • Colorado

    3.8
  • Pennsylvania

    3.7
  • Puerto Rico

    3.6
  • Wisconsin

    2.7
  • Arizona

    2.3
  • Alabama

    1.8
  • Virginia

    1.7
  • Washington

    1.6
  • Maryland

    1.4
  • Dist. of Columbia

    1.1
  • District of Columbia

    1.1
  • Iowa

    1.1
  • Georgia

    1.0

Index Sector Weightings (%) as of 08/31/21

  • Sector

    % of Net Assets
  • IDR/PCR

    25.2
  • Health Care Facilities

    18.6
  • Special Tax

    11.7
  • Education

    9.8
  • Leasing

    9.2
  • Transportation

    8.0
  • Local General

    7.8
  • Housing

    4.3
  • State General

    3.0
  • Water Utilities

    1.9
  • Power Utilities

    0.5
  • Resource Recovery

    0.1

Index Credit Quality (%) as of 08/31/21

Composite % of Net Assets
Investment Grade AAA 0.02
AA 0.03
A 0.05
BBB 24.95
Non-Investment Grade BB 23.85
B 6.52
CCC 2.71
CC 0.20
C 0.03
Total Investment Grade -- 25.05
Total Non-Investment Grade -- 33.31
Not Rated -- 41.64
Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 08/31/21

 Average Maturity: 19.97 Years