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IQ S&P High Yield Low Volatility Bond ETF
ETF
HYLV
Payout Change
Pending
Price as of:
$21.88
+0.06
+0.27%
primary theme
N/A
HYLV (ETF)
IQ S&P High Yield Low Volatility Bond ETF
Payout Change
Pending
Price as of:
$21.88
+0.06
+0.27%
primary theme
N/A
HYLV (ETF)
IQ S&P High Yield Low Volatility Bond ETF
Payout Change
Pending
Price as of:
$21.88
+0.06
+0.27%
primary theme
N/A
Name
As of 01/31/2023Price
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
Vitals
YTD Return
3.0%
1 yr return
-4.6%
3 Yr Avg Return
-1.1%
5 Yr Avg Return
1.8%
Net Assets
$19.4 M
Holdings in Top 10
8.6%
52 WEEK LOW AND HIGH
$21.9
$20.69
$23.94
Expenses
OPERATING FEES
Expense Ratio 0.40%
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 01/31/2023Price
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
HYLV - Profile
Distributions
- YTD Total Return 3.0%
- 3 Yr Annualized Total Return -1.1%
- 5 Yr Annualized Total Return 1.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.72%
- Dividend Yield 5.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameIQ S&P High Yield Low Volatility Bond ETF
-
Fund Family NameIndexIQ
-
Inception DateFeb 15, 2017
-
Shares Outstanding850000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerEric Gold
Fund Description
The Fund employs a “passive management” — or indexing — investment approach designed to track the performance of the S&P U.S. High Yield Low Volatility Corporate Bond Index (the “Underlying Index”), which has been developed by S&P Opco LLC (a subsidiary of S&P Dow Jones Indices LLC) (the “Index Provider”). The Underlying Index is comprised of U.S. dollar denominated high yield corporate bonds that have been selected in accordance with a rules-based methodology that seeks to identify securities that, in the aggregate, are expected to have lower volatility relative to the broad U.S. dollar denominated high yield corporate bond market. The Underlying Index is a market value weighted index comprised of bonds included in the S&P U.S. High Yield Corporate Bond Index that meet liquidity and risk-based selection criteria.
The Underlying Index is comprised of U.S. dollar denominated high yield corporate bonds of issuers domiciled in the U.S. and foreign countries classified as developed markets by the Index Provider. To be eligible for inclusion in the Underlying Index, bonds must meet the following criteria: (i) pay fixed-rate coupons; (ii) have at least $400 million of outstanding face value; (iii) have a remaining maturity of at least one month as of the rebalancing date; and (v) have an average rating below investment grade by Moody’s Investors Service, Standard & Poor’s, and/or Fitch Ratings. Eligible U.S. dollar denominated high yield corporate bonds are further screened for liquidity considerations based on their bond type, size, spread, duration and time since issuance.
Once the Underlying Index universe is defined based on the eligibility criteria, each bond is then ranked according to its marginal contribution to risk (“MCR”). MCR is a measurement of the amount of risk a security contributes to a portfolio of securities. MCR is calculated using a bond’s duration and the difference between the bond’s spread (the difference between the option-adjusted yield of the bond and the yield of a U.S. treasury security with a similar maturity) and a weighted average spread of the bonds in the index universe. In general, a bond with a higher MCR will add more credit risk to the overall portfolio than a bond with a lower MCR.
After ranking all eligible bonds based upon their MCR, the Underlying Index selects for inclusion the 50 percent of bonds measured to have the least credit risk based on their MCR. A bond included in the Underlying Index must remain in the 60 percent of bonds measured to have the least credit risk based on its MCR to remain in the Underlying Index. The Underlying Index seeks to construct a portfolio of securities that has lower volatility than the U.S. dollar-denominated high yield bond universe through the selection of lower-risk bonds based on MCR. Once the bonds are selected for inclusion in the Underlying Index, they are weighted by market value.
The Underlying Index is rebalanced monthly and typically consists of 400 to 500 securities.
The Fund uses a “Representative Sampling” strategy in seeking to track the performance of the Underlying Index. A fund using a Representative Sampling strategy generally will invest in a sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may also invest in credit default swaps and futures contracts to seek to track the Underlying Index.
To the extent the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. As of June 30, 2022, the primary sectors within the Underlying Index are communication services and financials.
The Fund may invest in one or more ETFs advised by the Advisor (“Affiliated ETFs”) that are not components of the index if such an investment will help the Fund track the Underlying Index.
HYLV - Performance
Return Ranking - Trailing
| Period | HYLV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.0% | -39.9% | 8.4% | 70.27% |
| 1 Yr | -4.6% | -25.5% | 21.3% | 11.84% |
| 3 Yr | -1.1%* | -16.0% | 66.0% | 13.52% |
| 5 Yr | 1.8%* | -13.5% | 37.8% | 8.62% |
| 10 Yr | N/A* | -9.0% | 16.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | HYLV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -11.3% | -44.3% | 3.7% | 16.32% |
| 2022 | 1.1% | -56.9% | 9.2% | 15.05% |
| 2021 | 1.4% | -53.7% | 70.9% | 11.96% |
| 2020 | 3.4% | -33.7% | 5.1% | 2.94% |
| 2019 | -0.7% | -9.4% | 12.0% | 8.25% |
Total Return Ranking - Trailing
| Period | HYLV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.0% | -39.9% | 8.4% | 72.03% |
| 1 Yr | -4.6% | -25.5% | 22.2% | 12.18% |
| 3 Yr | -1.1%* | -16.0% | 66.0% | 15.16% |
| 5 Yr | 1.8%* | -13.5% | 37.8% | 11.20% |
| 10 Yr | N/A* | -9.0% | 16.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | HYLV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -11.3% | -44.3% | 3.7% | 16.32% |
| 2022 | 1.1% | -56.9% | 9.2% | 15.20% |
| 2021 | 1.4% | -53.7% | 70.9% | 11.96% |
| 2020 | 3.4% | -33.7% | 5.1% | 2.94% |
| 2019 | -0.7% | -9.4% | 12.0% | 19.47% |
HYLV - Holdings
Concentration Analysis
| HYLV | Category Low | Category High | HYLV % Rank | |
|---|---|---|---|---|
| Net Assets | 19.4 M | 1.47 M | 26.2 B | 95.61% |
| Number of Holdings | 420 | 2 | 2736 | 36.61% |
| Net Assets in Top 10 | 1.65 M | -492 M | 2.55 B | 94.18% |
| Weighting of Top 10 | 8.62% | 1.9% | 100.0% | 73.99% |
Top 10 Holdings
- Occidental Petroleum Corporation 5.55% 1.36%
- CCO Holdings, LLC/ CCO Holdings Capital Corp. 5% 0.99%
- TransDigm, Inc. 6.25% 0.96%
- HCA Inc. 5.375% 0.94%
- Occidental Petroleum Corporation 4.5% 0.87%
- FirstEnergy Corp. 2.65% 0.85%
- AAdvantage Loyalty IP Ltd/ American Airlines Inc 5.5% 0.82%
- Mozart Debt Merger Subordinated Inc. 3.875% 0.78%
- Kraft Heinz Foods Company 3.75% 0.76%
- Centene Corporation 4.625% 0.76%
Asset Allocation
| Weighting | Return Low | Return High | HYLV % Rank | |
|---|---|---|---|---|
| Bonds | 98.24% | 0.00% | 154.38% | 12.37% |
| Cash | 1.51% | -52.00% | 100.00% | 73.22% |
| Convertible Bonds | 0.25% | 0.00% | 17.89% | 85.38% |
| Stocks | 0.00% | -0.60% | 52.82% | 87.37% |
| Preferred Stocks | 0.00% | 0.00% | 14.10% | 78.40% |
| Other | 0.00% | -63.70% | 32.06% | 71.15% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | HYLV % Rank | |
|---|---|---|---|---|
| Corporate | 98.49% | 0.00% | 100.00% | 13.21% |
| Cash & Equivalents | 1.51% | 0.00% | 100.00% | 79.53% |
| Derivative | 0.00% | 0.00% | 45.95% | 68.91% |
| Securitized | 0.00% | 0.00% | 97.24% | 77.98% |
| Municipal | 0.00% | 0.00% | 1.17% | 61.53% |
| Government | 0.00% | 0.00% | 99.07% | 72.80% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | HYLV % Rank | |
|---|---|---|---|---|
| US | 89.89% | 0.00% | 150.64% | 6.73% |
| Non US | 8.35% | 0.00% | 96.17% | 83.44% |
HYLV - Expenses
Operational Fees
| HYLV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.40% | 0.02% | 3.87% | 88.98% |
| Management Fee | 0.40% | 0.00% | 1.84% | 15.67% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 10.20% |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| HYLV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| HYLV 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.
| HYLV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 1.00% | 327.00% | 82.01% |
HYLV - Distributions
Dividend Yield Analysis
| HYLV | Category Low | Category High | HYLV % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.22% | 0.00% | 39.39% | 54.31% |
Dividend Distribution Analysis
| HYLV | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| HYLV | Category Low | Category High | HYLV % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.72% | -2.39% | 14.30% | 78.94% |
Capital Gain Distribution Analysis
| HYLV | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jan 06, 2023 | $0.095 | OrdinaryDividend |
| Dec 07, 2022 | $0.091 | OrdinaryDividend |
| Nov 07, 2022 | $0.088 | OrdinaryDividend |
| Oct 07, 2022 | $0.083 | OrdinaryDividend |
| Sep 08, 2022 | $0.083 | OrdinaryDividend |
| Aug 05, 2022 | $0.081 | OrdinaryDividend |
| Jul 08, 2022 | $0.074 | OrdinaryDividend |
| Jun 07, 2022 | $0.083 | OrdinaryDividend |
| May 06, 2022 | $0.088 | OrdinaryDividend |
| Apr 07, 2022 | $0.083 | OrdinaryDividend |
| Mar 07, 2022 | $0.065 | OrdinaryDividend |
| Feb 07, 2022 | $0.074 | OrdinaryDividend |
| Jan 06, 2022 | $0.071 | OrdinaryDividend |
| Dec 07, 2021 | $0.069 | OrdinaryDividend |
| Nov 05, 2021 | $0.071 | OrdinaryDividend |
| Oct 07, 2021 | $0.069 | OrdinaryDividend |
| Sep 08, 2021 | $0.071 | OrdinaryDividend |
| Aug 06, 2021 | $0.072 | OrdinaryDividend |
| Jul 07, 2021 | $0.127 | OrdinaryDividend |
| Jun 07, 2021 | $0.076 | OrdinaryDividend |
| May 07, 2021 | $0.074 | OrdinaryDividend |
| Apr 08, 2021 | $0.077 | OrdinaryDividend |
| Mar 05, 2021 | $0.070 | OrdinaryDividend |
| Feb 05, 2021 | $0.078 | OrdinaryDividend |
| Jan 07, 2021 | $0.084 | OrdinaryDividend |
| Dec 07, 2020 | $0.079 | OrdinaryDividend |
| Nov 06, 2020 | $0.082 | OrdinaryDividend |
| Oct 07, 2020 | $0.080 | OrdinaryDividend |
| Sep 08, 2020 | $0.085 | OrdinaryDividend |
| Aug 07, 2020 | $0.086 | OrdinaryDividend |
| Jul 07, 2020 | $0.065 | OrdinaryDividend |
| Jun 05, 2020 | $0.091 | OrdinaryDividend |
| May 07, 2020 | $0.085 | OrdinaryDividend |
| Apr 07, 2020 | $0.109 | OrdinaryDividend |
| Mar 06, 2020 | $0.084 | OrdinaryDividend |
| Feb 07, 2020 | $0.092 | OrdinaryDividend |
| Jan 06, 2020 | $0.087 | OrdinaryDividend |
| Dec 06, 2019 | $0.087 | OrdinaryDividend |
| Nov 07, 2019 | $0.089 | OrdinaryDividend |
| Oct 07, 2019 | $0.087 | OrdinaryDividend |
| Sep 09, 2019 | $0.089 | OrdinaryDividend |
| Aug 07, 2019 | $0.089 | OrdinaryDividend |
| Jul 08, 2019 | $0.088 | OrdinaryDividend |
| Jun 07, 2019 | $0.098 | OrdinaryDividend |
| May 07, 2019 | $0.100 | OrdinaryDividend |
| Apr 05, 2019 | $0.108 | OrdinaryDividend |
| Mar 07, 2019 | $0.085 | OrdinaryDividend |
| Feb 07, 2019 | $0.111 | OrdinaryDividend |
| Jan 03, 2019 | $0.074 | OrdinaryDividend |
| Dec 07, 2018 | $0.088 | OrdinaryDividend |
| Nov 07, 2018 | $0.090 | OrdinaryDividend |
| Oct 05, 2018 | $0.086 | OrdinaryDividend |
| Sep 10, 2018 | $0.090 | OrdinaryDividend |
| Aug 07, 2018 | $0.088 | OrdinaryDividend |
| Jul 09, 2018 | $0.086 | OrdinaryDividend |
| Jun 07, 2018 | $0.094 | OrdinaryDividend |
| May 07, 2018 | $0.084 | OrdinaryDividend |
| Apr 06, 2018 | $0.086 | OrdinaryDividend |
| Mar 07, 2018 | $0.077 | OrdinaryDividend |
| Feb 07, 2018 | $0.082 | OrdinaryDividend |
| Jan 03, 2018 | $0.083 | OrdinaryDividend |
| Dec 07, 2017 | $0.081 | OrdinaryDividend |
| Nov 07, 2017 | $0.083 | OrdinaryDividend |
| Oct 06, 2017 | $0.076 | OrdinaryDividend |
| Sep 08, 2017 | $0.082 | OrdinaryDividend |
| Aug 07, 2017 | $0.076 | OrdinaryDividend |
| Jul 10, 2017 | $0.063 | OrdinaryDividend |
| Jun 07, 2017 | $0.084 | OrdinaryDividend |
| May 05, 2017 | $0.073 | OrdinaryDividend |
| Apr 07, 2017 | $0.101 | OrdinaryDividend |
HYLV - Fund Manager Analysis
Managers
Eric Gold
Start Date
Tenure
Tenure Rank
Aug 31, 2021
0.75
0.8%
Eric is the Head of the Global Credit team, Co-Head of the Credit Committee and a member of the Investment Policy Committee. Eric is responsible for leadership and oversight of the team’s strategies, spanning high yield, loans and investment grade credit. Before joining the Global Credit team, Eric served as a Managing Director on the MacKay High Yield team. Over his tenure at MacKay Shields, Eric has been active in credit analysis and portfolio construction, covering a wide array of industry sectors across the credit universe. Prior to joining MacKay Shields in 2010, he was a sell-side Analyst covering the telecommunications, cable and media sectors at Sterne Agee & Leach, Inc. Previously, he was an Analyst at BlackRock and a sell-side Analyst at Grantchester Securities where he was ranked by Institutional Investor as the #1 analyst in the wireless telecommunications sector for 1999, 2000, 2001 and 2002. Eric received a BA from Vassar College and an MBA from New York University. He has been working in the investment industry since 1987.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.09 | 2.92 |
