VanEck Vectors High Yield Municipal
ALTAR
Score™
4.3% info Median Credit
S&P/Moody's
B/Baa2
 
Yield to
Maturity
5.3% Current
Yield
5.2%
Macaulay
Duration
12.1 yrs Modified
Duration
11.8%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
VanEck Vectors High Yield Municipal Index ETF is an exchange-traded fund incorporated in the USA. The Fund is to replicate as closely as possible the price and yield performance of the Barclays Capital Municipal Custom High Yield Composite Index. The Fund will normally invest at least 80% of its total assets in fixed income securities that comprise the benchmark index.

FUND BASICS
Category Municipals
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Feb 05, 2009
Assets (mns) $2,108
Currency USD
Expense ratio 35 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon/The
Weighting Market Cap
Index replication Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 1026
No of distinct issuers 397
Inflation protected 0%
Variable/Fixed coupon 17% /83%
Non-standard maturity (callable, etc.) 88%

TOP TEN HOLDINGS
TOBACCO SETTLEMENT FI 5.0% 6/01/41 1.7 %
NEW YORK LIBERTY DEV 5.0% 11/15/44 1.5 %
BUCKEYE OHIO TOB SETT 5.9% 6/01/47 1.4 %
GOLDEN ST TOB SECURIT 5.8% 6/01/47 1.4 %
GOLDEN ST TOB SECURIT 5.1% 6/01/47 0.7 %
BUCKEYE OHIO TOB SETT 5.9% 6/01/30 0.7 %
GOLDEN ST TOB SECURIT 5.3% 6/01/37 0.7 %
NEW YORK TRANSN DEV C 5.0% 7/01/46 0.6 %
JEFFERSON CNTY ALA SW 6.0% 1/01/42 0.6 %
CHICAGO ILL BRD ED FO 7.0% 12/01/44 0.6 %
   
TOTAL 10.1 %

TOP ISSUERS
BUCKEYE OHIO TOB SETTLEMENT FING A...5.1%
GOLDEN ST TOB SECURITIZATION CORP ...4.3%
TOBACCO SETTLEMENT FING CORP N J2.8%
CALIFORNIA STATEWIDE CMNTYS DEV AU...2.7%
NEW YORK TRANSN DEV CORP SPL FAC REV2.5%

TOP COUNTRY EXPOSURE
UNITED STATES 87.3 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
4.4% 1.1% 4.4% -- 7.6%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 1.69 51%
S&P500 0.00 0%
MSCI EAFE 0.12 4%
MSCI Emg. Mkts. 0.10 5%

Technical Indicators
Recent close $30.98
Tracking Error 0.00
Avg. Premium/Discount 0.00%
Annualized volatility n/a %
Relative strength (RSI) 61
Liquidity measures
Avg. volume (thou.) 510
Avg. daily value traded (mns) $16
Turnover 0.7%
Bid/Ask (% of price) 0.04

Distributions


Yield Comparison

*Fund Category: MUNICIPALS

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
HYD 12.1 yrs Category
Avg.*
8.0 yrs
 

Modified Duration info
 
HYD 11.8% Category
Avg.*
7.8%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 8.28% -26.4% $22.79
+200 bp 7.28% -19.6% $24.90
+150 bp 6.78% -15.5% $26.19
+100 bp 6.28% -10.8% $27.63
+75 bp 6.03% -8.3% $28.41
+50 bp 5.78% -5.7% $29.23
+25 bp 5.53% -2.9% $30.08
0 bp 5.28% 0% $30.98
-25 bp 5.03% 3.0% $31.91
-50 bp 4.78% 6.2% $32.89
-75 bp 4.53% 9.4% $33.90
-100 bp 4.28% 12.8% $34.95
-150 bp 3.78% 20.0% $37.17
-200 bp 3.28% 27.6% $39.54
-300 bp 2.28% 44.4% $44.75

*Fund Category: MUNICIPALS

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 528 bp
Less: Annual "default factor" info 62 bp
Less: Expense ratio 35 bp
Equals: ALTAR Score 4.31 %
 

Average ALTAR Score™ by Category
Aggregate 1.6%
Corporate 1.8%
Emerging Market 3.9%
Government 1.5%
Inflation Protected 1.5%
Mortgage 2.8%
Municipals 2.5%
 
*Note: The VanEck Vectors High Yield Municipal is classified as a Municipals fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.