ETF Evaluator:
VictoryShares Municipal High Yield ETF (VMHY)
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(as of Oct 12)
Best Performing in High Yield Muni Over the Last Year
| -0.1% | iShares Short Duration HY Muni Act ETF (SHYM) |
| -0.4% | Eaton Vance High Income Municipal ETF () |
| -0.5% | Invesco Rochester HY Municipal ETF (IROC) |
| -0.7% | Capital Group Municipal High-Income ETF (CGHM) |
| -0.7% | VanEck Short High Yield Muni ETF (SHYD) |
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ETF Details
VictoryShares Municipal High Yield ETF Overview
VictoryShares Municipal High Yield ETF (VMHY) is an actively managed Municipal Bond High Yield Muni exchange-traded fund (ETF). VictoryShares launched the ETF in 2026.
The investment seeks to maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation.
Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax (“municipal securities”).
About VictoryShares Municipal High Yield ETF (VMHY)
There are 2 members of the management team with an average tenure of 0.02 years: Andrew Hattman (2026) and Lauren Spalten (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
VictoryShares Municipal High Yield ETF has 21 securities in its portfolio. The top 10 holdings constitute 48.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VictoryShares Municipal High Yield ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. VictoryShares Municipal High Yield ETF has 5.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (94.9% domestic bond, 5.1% foreign bond and 0.0% convertible bond). VictoryShares Municipal High Yield ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $904 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VMHY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VictoryShares Municipal High Yield ETF expense ratio is below average compared to funds in the High Yield Muni category. VictoryShares Municipal High Yield ETF has an expense ratio of 0.34%, which is 47% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VictoryShares Municipal High Yield ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 39% for the High Yield Muni category.
Recently, in the month of September 2026, VictoryShares Municipal High Yield ETF returned 0.0%, which earned it a grade of NA, as the High Yield Muni category had an average return of -5.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VictoryShares Municipal High Yield ETF has a trailing yield of 0.00%, which is below the 4.91% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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VMHY Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VMHY Return (NAV) | na | na | na | na | na | na |
| VMHY Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| High Yield Muni Avg | -5.1% | -6.9% | -1.6% | 4.7% | -0.5% | 1.6% |
| VMHY Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| VMHY Tax-Cost Ratio | na | na | na | na | na | na |
VMHY Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VMHY Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| VMHY Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| High Yield Muni Avg | -3.1% | 4.1% | 5.5% | 6.4% | -14.8% | 6.0% | 3.9% | 10.4% | 1.1% | 7.1% | 0.7% |
| VMHY Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 22 Mil |
| Share Class Assets: | $ 22 Mil |
| Turnover: | na |
| Expense Ratio: | 0.34% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Hattman Andrew (2026), Spalten Lauren (2026) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 48.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.9% |
| Foreign Bond: | 5.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VictoryShares |
| Phone Number: | 866-376-7890 |
| Website: | www.CompassEMPFunds.com |
| Inception Date: | September 22, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.64% |
