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Trending ETFs

High Yield ETF

Active ETF
HYLD
Payout Change
Pending
Price as of:
$25.49 -0.01 -0.04%
primary theme
N/A
HYLD (ETF)

High Yield ETF

Payout Change
Pending
Price as of:
$25.49 -0.01 -0.04%
primary theme
N/A
HYLD (ETF)

High Yield ETF

Payout Change
Pending
Price as of:
$25.49 -0.01 -0.04%
primary theme
N/A

Name

As of 08/25/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

High Yield ETF

HYLD | Active ETF

$25.49

$95.9 M

0.00%

1.31%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$95.9 M

Holdings in Top 10

11.4%

52 WEEK LOW AND HIGH

$25.5
$25.29
$27.40

Expenses

OPERATING FEES

Expense Ratio 1.31%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 08/25/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

High Yield ETF

HYLD | Active ETF

$25.49

$95.9 M

0.00%

1.31%

HYLD - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.23%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    High Yield ETF
  • Fund Family Name
    Peritus
  • Inception Date
    Dec 01, 2010
  • Shares Outstanding
    3275220
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael DePalma

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by selecting a focused portfolio of high-yield debt securities, which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper). High-yield debt securities are rated below investment grade (that is, securities rated below the top four rating categories of a ratings organization or, if unrated, determined to be of comparable credit quality by the Fund’s sub-advisers) and are commonly referred to as “high-yield” or “junk” bonds.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield debt securities. The Fund may invest in debt securities issued by foreign issuers, including issuers in emerging markets. The Fund does not have any portfolio maturity limitation and may invest its assets in instruments with short-term, medium-term or long-term maturities. In seeking to achieve its investment objective, the Fund may invest in closed-end funds. The Fund also may invest in equity securities that a sub-adviser believes will yield high dividends or are otherwise consistent with the Fund’s investment objective and in repurchase agreements. The Fund’s strategy may involve frequently buying and selling securities, which may lead to relatively high portfolio turnover. In implementing its investment strategies, the Fund may hold cash and cash equivalents, including money market funds.

The Fund employs a “multi-manager” approach whereby portions of the Fund’s assets are allocated among sub-advisers. The Adviser is responsible for the management of the Fund and supervision of the Fund’s sub-advisers, MacKay Shields LLC (“MacKay Shields”) and WhiteStar Asset Management LLC (“WhiteStar”). Each sub-adviser manages its allocated portion of the Fund’s assets to correspond with its distinct investment style and strategy, as described below, in a manner consistent with the Fund’s investment objective, strategies, and restrictions. The Adviser may allocate assets from or towards each sub-adviser from time to time and may reallocate assets between the sub-advisers. MacKay Shields and WhiteStar act independently of each other and each uses its own methodology for selecting investments.

MacKay Shields. In selecting securities for the Fund’s portfolio, MacKay Shields performs an independent investment analysis of each issuer to determine its creditworthiness. MacKay Shields views credit as either of the highest quality or “D” (i.e., it either pays or does not). MacKay Shields takes a deep value contrarian approach to the credit markets, focusing on absolute value. MacKay Shields believes that structural and technical inefficiencies exist in the secondary credit markets, which create attractive investment opportunities, and that, by holding a diversified but limited number of securities, MacKay Shields’ portion of the portfolio will be constructed of securities that provide exposure to industries believed to offer the most value to the Fund. Companies in the energy sector have significant representation in the high-yield debt securities market.

WhiteStar. WhiteStar employs both “top-down” and “bottom-up” analyses to select investments for the Fund. WhiteStar’s top-down analysis involves a macro analysis of relative asset valuations, long-term industry trends, business cycles, interest rate expectations, credit fundamentals, and technical factors to target specific industry sectors and asset classes in which to invest. WhiteStar’s bottom-up analysis includes a rigorous analysis of the credit fundamentals and capital structure of each potential investment and a determination of relative value compared to alternative investments. Potential investments will be analyzed through a thorough review of the fundamentals of the economy in general and then the particular industry and the strengths and weaknesses of each individual credit. Under this approach, the credit performance of each asset will typically be subjected to stress tests to maximize the selection of investments with favorable risk-adjusted returns.

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HYLD - Performance

Return Ranking - Trailing

Period HYLD Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -6.1% 10.2% 98.32%
1 Yr N/A -12.5% 12.0% 98.77%
3 Yr N/A* -21.7% 52.9% 56.59%
5 Yr N/A* -14.9% 29.4% 99.47%
10 Yr N/A* -9.1% 13.5% 98.73%

* Annualized

Return Ranking - Calendar

Period HYLD Return Category Return Low Category Return High Rank in Category (%)
2023 -17.8% -33.4% 3.6% 83.41%
2022 -1.0% -47.5% 8.2% 83.18%
2021 -4.9% -13.2% 302.7% 98.25%
2020 -0.4% -4.4% 13.0% 97.87%
2019 -6.9% -18.4% -0.4% 18.78%

Total Return Ranking - Trailing

Period HYLD Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -5.0% 10.2% 98.32%
1 Yr N/A -10.9% 12.7% 98.77%
3 Yr N/A* -20.9% 60.2% 56.59%
5 Yr N/A* -13.0% 35.7% 99.47%
10 Yr N/A* -3.7% 19.4% 98.73%

* Annualized

Total Return Ranking - Calendar

Period HYLD Return Category Return Low Category Return High Rank in Category (%)
2023 -11.5% -33.4% 6.5% 68.44%
2022 5.4% -47.5% 12.8% 41.67%
2021 2.6% -7.6% 325.6% 86.98%
2020 7.2% -3.8% 19.4% 95.57%
2019 0.2% -10.7% 4.5% 6.09%

HYLD - Holdings

Concentration Analysis

HYLD Category Low Category High HYLD % Rank
Net Assets 95.9 M 390 K 71.1 B 81.42%
Number of Holdings 286 2 2736 58.54%
Net Assets in Top 10 11.4 M -492 M 2.55 B 85.11%
Weighting of Top 10 11.37% 3.0% 100.0% 67.30%

Top 10 Holdings

  1. iShares USD Asia High Yield Bond Index ETF 1.96%
  2. Vistra Corp 1.38%
  3. CSC Holdings LLC 1.25%
  4. Carnival Corp 1.20%
  5. Ford Motor Credit Co LLC 1.19%
  6. CCO Holdings LLC / CCO Holdings Capital Corp 0.99%
  7. Ford Motor Credit Co LLC 0.91%
  8. CCO Holdings LLC / CCO Holdings Capital Corp 0.88%
  9. Teva Pharmaceutical Finance Netherlands III BV 0.81%
  10. IHO Verwaltungs GmbH 0.79%

Asset Allocation

Weighting Return Low Return High HYLD % Rank
Bonds
92.01% 0.00% 154.38% 74.71%
Cash
3.76% -52.00% 100.00% 50.95%
Stocks
3.68% -0.60% 52.82% 14.97%
Convertible Bonds
3.49% 0.00% 17.89% 8.76%
Preferred Stocks
0.56% 0.00% 7.09% 15.91%
Other
0.00% -63.70% 32.06% 51.82%

Stock Sector Breakdown

Weighting Return Low Return High HYLD % Rank
Technology
34.19% 0.00% 34.19% 0.26%
Energy
28.77% 0.00% 100.00% 52.51%
Communication Services
12.19% 0.00% 99.99% 25.33%
Consumer Cyclical
11.02% 0.00% 100.00% 17.41%
Healthcare
4.52% 0.00% 22.17% 9.23%
Consumer Defense
4.43% 0.00% 100.00% 14.25%
Industrials
3.05% 0.00% 100.00% 21.11%
Utilities
1.19% 0.00% 100.00% 26.65%
Financial Services
0.61% 0.00% 100.00% 25.07%
Basic Materials
0.03% 0.00% 100.00% 27.97%
Real Estate
0.00% 0.00% 86.71% 34.30%

Stock Geographic Breakdown

Weighting Return Low Return High HYLD % Rank
US
3.68% -0.60% 47.59% 15.04%
Non US
0.00% -0.01% 5.26% 31.82%

Bond Sector Breakdown

Weighting Return Low Return High HYLD % Rank
Corporate
97.25% 0.00% 129.69% 26.32%
Government
0.48% 0.00% 99.07% 19.44%
Cash & Equivalents
0.39% 0.00% 99.98% 82.48%
Securitized
0.14% 0.00% 97.24% 35.67%
Municipal
0.01% 0.00% 4.66% 6.58%
Derivative
0.00% 0.00% 45.95% 40.00%

Bond Geographic Breakdown

Weighting Return Low Return High HYLD % Rank
US
92.01% 0.00% 150.64% 59.27%
Non US
0.00% 0.00% 118.12% 55.91%

HYLD - Expenses

Operational Fees

HYLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.31% 0.03% 18.97% 28.80%
Management Fee 1.25% 0.00% 1.84% 98.98%
12b-1 Fee 0.00% 0.00% 1.00% 4.12%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

HYLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HYLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HYLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% 85.88%

HYLD - Distributions

Dividend Yield Analysis

HYLD Category Low Category High HYLD % Rank
Dividend Yield 0.00% 0.00% 37.17% 3.63%

Dividend Distribution Analysis

HYLD Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

HYLD Category Low Category High HYLD % Rank
Net Income Ratio 5.23% -2.39% 14.30% 13.52%

Capital Gain Distribution Analysis

HYLD Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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HYLD - Fund Manager Analysis

Managers

Michael DePalma


Start Date

Tenure

Tenure Rank

Sep 06, 2018

3.73

3.7%

Michael DePalma joined MacKay Shields in 2019. Prior to joining MacKay Shields, Mr. DePalma was CEO and co-CIO of PhaseCapital LP, a boutique asset manager that managed both credit and global macro strategies, including the Fund. Before that, Mr. DePalma was CIO of Quantitative Investment Strategies and Head of Fixed Income Absolute Return Strategies at AllianceBernstein, where he worked for 25 years

Michael Ning


Start Date

Tenure

Tenure Rank

Sep 06, 2018

3.73

3.7%

Michael Ning joined MacKay Shields in 2019. Prior to joining MacKay Shields, Dr. Ning was co-CIO and Director of Risk Management at PhaseCapital LP, the Fund's prior sub-adviser. Before joining PhaseCapital, Dr. Ning was a portfolio manager at First Eagle Investments where he managed multi-asset and tail hedging strategies. Before joining First Eagle, he spent 12 years at AllianceBernstein in various roles, more recently as portfolio manager for Unconstrained Bond and Fixed Income Macro strategies, as well as Director of Research for Credit and Absolute Return Strategies.

Nathan Hall


Start Date

Tenure

Tenure Rank

Aug 31, 2019

2.75

2.8%

Nathan Hall is a portfolio manager of WhiteStar. Before joining WhiteStar in 2013, Mr. Hall served as a Vice President with H.I.G. WhiteHorse, managing a portfolio of syndicated bank loans. Additionally, Mr. Hall worked with Managing Directors at Bayside Capital, the distressed debt affiliate of H.I.G., to source, evaluate, and manage distressed debt investments across multiple sectors from inception to ultimate resolution. Prior to joining WhiteHorse in 2007, Mr. Hall worked at an integrated asset management firm, gaining exposure to bank debt, bonds, and equities across a wide variety of structures and strategies. He has also received credit management and underwriting training from Wells Fargo. Mr. Hall received a Bachelor of Business Administration in Finance from Texas A&M University.

Gibran Mahmud


Start Date

Tenure

Tenure Rank

Aug 31, 2019

2.75

2.8%

Gibran Mahmud is Chief Executive Officer and Chief Investment Officer of WhiteStar. Prior to joining WhiteStar in 2013, Mr. Mahmud was a Senior Vice President and Head of Mergers, Acquisitions and Business Strategy for a private family office. Previously, Mr. Mahmud served as Senior Portfolio Manager and Head of Structured Products at Highland Capital Management, L.P. Prior to joining Highland in 2001, he served as a Senior Analyst at Fleet Capital where he was involved in originating, structuring, modeling and credit analysis for clients primarily in the manufacturing, retail and services industries. Prior to joining Fleet in 2000, he was a Senior Auditor at Arthur Andersen. Mr. Mahmud received a Master of Business Administration in Finance and a Bachelor of Business Administration in Accounting from Baylor University. He is a Certified Public Accountant (CPA).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.15 8.17