This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. With that being said, HYD targets bonds that are rated below investment grade and thus contains issues that have a much higher chance of default. Due to this, HYD pays out a yield that is far superior to any other funds in the category including MLN which targets long-dated issues. The fund also offers solid levels of diversification although not as much as other products in the segment; it holds about 100 securities in total with just 21% of assets going to the top ten holdings. Due to its reasonable level of diversification and its ultra high yield, HYD could be a decent choice for investors seeking additional current income and are willing to add more risk to their portfolios. Just make sure to use HYD sparingly and do not allocate all of your muni bond holdings to this somewhat risky fund.
| Segment | Fixed Income: U.S. - Government, Local Authority/Municipal High Yield |
| Category | Government, Local Authority/Municipal |
| Focus | High Yield |
| Niche | Broad Maturities |
| Strategy | Vanilla |
| Weighting Scheme | Market Value |
This section compares how balanced and deep this ETF is relative to its peers.
| HYD | ETF Database Category Average | FactSet Segment Average | |
|---|---|---|---|
| Number of Holdings | 1508 | 1052 | 964 |
| % of Assets in Top 10 | 8.76% | 18.43% | 16.61% |
| % of Assets in Top 15 | 11.30% | 22.68% | 20.66% |
| % of Assets in Top 50 | 23.83% | 42.32% | 38.60% |
| HYD | ETF Database Category Average | FactSet Segment Average | |
|---|---|---|---|
| Large (>12.9B) | N/A | N/A | N/A |
| Mid (>2.7B) | N/A | N/A | N/A |
| Small (>600M) | N/A | N/A | N/A |
| Micro (<600M) | N/A | N/A | N/A |
This section compares the P/E ratio of this ETF to its peers.
This section compares the dividend yield of this ETF to its peers.
| HYD | ETF Database Category Average | FactSet Segment Average | |
|---|---|---|---|
| Dividend | $ 0.19 | $ 0.09 | $ 0.14 |
| Dividend Date | 2024-11-01 | N/A | N/A |
| Annual Dividend Rate | $ 2.21 | $ 1.02 | $ 1.66 |
| Annual Dividend Yield | 4.20% | 2.97% | 4.30% |
View charts featuring HYD price and volume data.
View charts featuring ETF fund flow data.
5 Day Net Flows: 18.35 M 1 Month Net Flows: 75.71 M 3 Month Net Flows: 125.94 M 6 Month Net Flows: 221.59 M 1 Year Net Flows: 106.4 M 3 Year Net Flows: 115.9 M 5 Year Net Flows: 539.34 M 10 Year Net Flows: 2.46 BView charts that break down the influence that fund flows and price had on overall assets.
5 Day Net AUM Change: 42.1 MThe adjacent table gives investors an individual Realtime Rating for HYD on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETF Database Pro members, shows the ETF in the National Munis with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETF Database Pro. To view information on how the ETF Database Realtime Ratings work, click here.
This section compares the cost efficiency of this ETF to its peers.
| Max ST Capital Gains Rate | 39.60% |
| Max LT Capital Gains Rate | 20.00% |
| Tax On Distributions | Ordinary income |
| Distributes K1 | No |
HYD does not have an ESG score. There are no ESG themes that map to this ETF.
This section shows how this ETF has performed relative to its peers. Returns over 1 year are annualized.
| HYD |
ETF Database
Category Average |
Factset Segment
Average |
|
|---|---|---|---|
| 1 Month Return | 1.27% | 1.21% | 1.51% |
| 3 Month Return | 1.70% | 1.08% | 1.82% |
| YTD Return | 5.81% | 3.03% | 7.09% |
| 1 Year Return | 8.24% | 4.61% | 9.83% |
| 3 Year Return | -1.67% | -0.26% | -0.59% |
| 5 Year Return | -0.05% | 0.87% | 0.31% |
The following charts reflect the geographic spread of HYD's underlying holdings.
The following charts reflect the allocation of HYD's underlying holdings.
| Asset | Percentage |
|---|---|
| Municipal | 98.02% |
| CASH | 1.55% |
| Asset Backed Security | 0.15% |
| Other | 0.14% |
| Bond Sector | Percentage |
|---|
| Maturity | Percentage |
|---|---|
| Less Than 1 Year | 0.0% |
| 1-3 Years | 0.0% |
| 3-5 Years | 0.0% |
| 5-7 Years | 0.0% |
| 7-10 Years | 0.0% |
| 10-15 Years | 0.0% |
| 15-20 Years | 0.0% |
| 20-30 Years | 0.0% |
| 30+ Years | 0.0% |
| Asset | Percentage |
|---|---|
| Municipal | 98.02% |
| CASH | 1.55% |
| Asset Backed Security | 0.15% |
| Other | 0.14% |
This section shows how the volatility of this ETF compares to the peer group ETF Database Category.
| 5 Day Volatility | 40.38% |
| 20 Day Volatility | 7.01% |
| 50 Day Volatility | 5.39% |
| 200 Day Volatility | 5.35% |
| Beta | 0.38 |
| Standard Deviation | 1.11% |
ETF Database's Financial Advisor Reports are designed as an easy handout for clients to explain the key information on a fund. Includes new analyst insights and classification data.
Fact sheets are issued by the ETF provider and framed by ETF Database. Information contained within the fact sheet is not guaranteed to be timely or accurate.
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