The $105.8 million SHYD has a 30-day SEC yield of 3.34% and a modified duration of 3.92 years.
The Puerto Rico-induced ETF fallout could be worse if not for changes made by some ETF issuers last year to move to underweight Puerto Rico positions relative to the indexes the ETFs track. In July 2014, HYD had just a 4.3% weight to Puerto Rico despite the Barclays Municipal Custom High Yield Composite Index’s Puerto Rico exposure being significantly higher. At the same time, SHYD pared its Puerto Rico weight to 5.5% though its underlying index had a 7.1% weight to the territory. [Passive Muni ETFs Dump Puerto Rico Bonds]
HYMB’s Puerto Rico weight has been flat over the past year.
Market Vectors High Yield Municipal Index ETF
Tom Lydon’s clients own shares of HYD.