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FlexShares High Yield Value-Scored Bond Index Fund

ETF
HYGV
Payout Change
Pending
Price as of:
$39.95 +0.02 +0.05%
primary theme
High Yield Bond
HYGV (ETF)

FlexShares High Yield Value-Scored Bond Index Fund

Payout Change
Pending
Price as of:
$39.95 +0.02 +0.05%
primary theme
High Yield Bond
HYGV (ETF)

FlexShares High Yield Value-Scored Bond Index Fund

Payout Change
Pending
Price as of:
$39.95 +0.02 +0.05%
primary theme
High Yield Bond

Name

As of 04/17/2024

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

FlexShares High Yield Value-Scored Bond Index Fund

HYGV | ETF

$39.95

$1.47 B

8.47%

$3.38

0.38%

Vitals

YTD Return

-0.1%

1 yr return

7.8%

3 Yr Avg Return

0.4%

5 Yr Avg Return

3.2%

Net Assets

$1.47 B

Holdings in Top 10

6.4%

52 WEEK LOW AND HIGH

$39.9
$38.51
$41.20

Expenses

OPERATING FEES

Expense Ratio 0.38%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 95.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/17/2024

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

FlexShares High Yield Value-Scored Bond Index Fund

HYGV | ETF

$39.95

$1.47 B

8.47%

$3.38

0.38%

HYGV - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 8.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    FlexShares High Yield Value-Scored Bond Index Fund
  • Fund Family Name
    Flexshares Trust
  • Inception Date
    Jul 17, 2018
  • Shares Outstanding
    19900001
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Eric Williams

Fund Description

The Underlying Index is designed to reflect the performance of a diversified universe of high yield, U.S.-dollar denominated bonds of companies exhibiting favorable fundamental qualities, market valuations and liquidity, as defined by NTI’s proprietary scoring models. The securities included in the Underlying Index are a subset of the securities included in the Northern Trust High Yield US Corporate Bond IndexSM (the “Parent Index”), which is a market-capitalization weighted index comprised of U.S. dollar-denominated high yield corporate bonds.
The Underlying Index begins with the Parent Index and then follows a rules-based methodology to select and weight securities, subject to certain constraints, to optimize exposure to a proprietary value score, credit score, and liquidity score, each as determined by NTI acting in its capacity as index provider (“Index Provider”).
The core components of the proprietary value score and proprietary credit score are based on quantitative rankings of various metrics obtained from company filings and recent price activity. The value score has multiple components, including: (a) valuation (e.g., to assess the relative
value of the security versus other similar securities); (b) spread analysis (e.g., to assess the risk/return trade-off associated with each security versus other similar securities); and (c) solvency (e.g., to assess the corporation’s short term and long term solvency and also its risk of default). The credit score has three components: (i) management efficiency (e.g., corporate finance activities); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) solvency. The core components of the proprietary liquidity score are based on a quantitative ranking of security characteristics obtained from company filings. Examples of data sets utilized to determine the liquidity score include: (x) time to maturity (e.g., time until the security reaches its maturity date as measured in in years); (y) total issuer debt outstanding (e.g., the sum of all debt outstanding for a single corporate issuer); and (z) time since original issuance (e.g., the time that has elapsed since the security was originally issued as measured in years). The primary objective of the optimization process is to maximize exposure to the value score relative to the Underlying Index's eligible universe. In addition, the optimization process also includes issuer level, sector, effective duration, low credit and liquidity score, duration band,and turnover constraints to seek to manage systematic risk.
The inception date of the Underlying Index was April 30, 2018. As of December 31, 2023, there were 952 issues in the Underlying Index. The Underlying Index is reconstituted monthly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index.
NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
NTI intends to use representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund.
The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index.
The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received).
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2023, the Underlying Index was concentrated in the industrials and consumer discretionary sectors. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.
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HYGV - Performance

Return Ranking - Trailing

Period HYGV Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -7.2% 5.1% 59.87%
1 Yr 7.8% -9.4% 15.0% 43.08%
3 Yr 0.4%* -16.5% 19.8% 64.53%
5 Yr 3.2%* -11.9% 36.4% 38.89%
10 Yr N/A* -4.9% 19.3% 9.31%

* Annualized

Return Ranking - Calendar

Period HYGV Return Category Return Low Category Return High Rank in Category (%)
2023 2.6% -4.7% 14.3% 93.45%
2022 -18.7% -33.4% 3.6% 88.66%
2021 -0.3% -8.4% 14.9% 60.33%
2020 1.1% -13.9% 302.7% 23.82%
2019 6.9% -4.4% 13.3% 65.16%

Total Return Ranking - Trailing

Period HYGV Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -7.2% 5.1% 59.87%
1 Yr 7.8% -9.4% 15.0% 43.08%
3 Yr 0.4%* -16.5% 19.8% 64.53%
5 Yr 3.2%* -11.9% 36.4% 38.89%
10 Yr N/A* -4.9% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period HYGV Return Category Return Low Category Return High Rank in Category (%)
2023 12.1% -4.7% 18.2% 51.79%
2022 -12.6% -33.4% 47.8% 84.57%
2021 5.9% -8.4% 24.8% 30.98%
2020 8.0% -9.6% 325.6% 11.82%
2019 14.8% 0.9% 21.5% 28.77%

HYGV - Holdings

Concentration Analysis

HYGV Category Low Category High HYGV % Rank
Net Assets 1.47 B 1.45 M 23.6 B 30.82%
Number of Holdings 917 2 2736 10.37%
Net Assets in Top 10 90.1 M -492 M 4.45 B 46.59%
Weighting of Top 10 6.41% 4.2% 146.9% 93.19%

Top 10 Holdings

  1. Neptune Bidco US, Inc. 0.82%
  2. Staples, Inc. 0.76%
  3. Treasury Repurchase Agreement 0.76%
  4. Tenneco, Inc. 0.69%
  5. Venture Global LNG, Inc. 0.67%
  6. Venture Global LNG, Inc. 0.59%
  7. NCL Corp. Ltd. 0.58%
  8. Talen Energy Supply LLC 0.53%
  9. Sirius XM Radio, Inc. 0.53%
  10. Sirius XM Radio, Inc. 0.50%

Asset Allocation

Weighting Return Low Return High HYGV % Rank
Bonds 		97.39% -3.13% 154.38% 18.49%
Cash 		1.85% -52.00% 48.07% 82.66%
Convertible Bonds 		1.60% 0.00% 17.89% 28.17%
Other 		0.76% -63.70% 102.57% 16.72%
Stocks 		0.00% 0.00% 99.54% 82.13%
Preferred Stocks 		0.00% 0.00% 7.88% 59.91%

Bond Sector Breakdown

Weighting Return Low Return High HYGV % Rank
Corporate 		98.98% 0.00% 129.69% 6.20%
Derivative 		0.00% -15.04% 42.26% 49.38%
Cash & Equivalents 		0.00% 0.00% 48.07% 92.41%
Securitized 		0.00% 0.00% 97.24% 63.41%
Municipal 		0.00% 0.00% 4.66% 33.49%
Government 		0.00% 0.00% 99.07% 53.49%

Bond Geographic Breakdown

Weighting Return Low Return High HYGV % Rank
US 		97.39% -3.13% 129.21% 12.38%
Non US 		0.00% 0.00% 98.19% 59.60%

HYGV - Expenses

Operational Fees

HYGV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.38% 0.04% 31.61% 95.67%
Management Fee 0.37% 0.00% 1.84% 10.96%
12b-1 Fee 0.00% 0.00% 1.00% 4.39%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

HYGV 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

HYGV 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.

HYGV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 95.00% 1.00% 255.00% 84.38%

HYGV - Distributions

Dividend Yield Analysis

HYGV Category Low Category High HYGV % Rank
Dividend Yield 8.47% 0.00% 49.68% 1.54%

Dividend Distribution Analysis

HYGV Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

HYGV Category Low Category High HYGV % Rank
Net Income Ratio N/A -2.39% 14.30% 3.30%

Capital Gain Distribution Analysis

HYGV Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

HYGV - Fund Manager Analysis

Managers

Eric Williams

Start Date

Tenure

Tenure Rank

Jun 12, 2020

1.97

2.0%

Mr. Williams joined NTI in January 2010 and has assisted in the management of various fixed income funds

Benjamin Mccubbin

Start Date

Tenure

Tenure Rank

Sep 29, 2020

1.67

1.7%

BENJAMIN J. MCCUBBIN serves as a Fixed Income Associate where he works closely with the Director of Fixed Income Research to manage Howe & Rusling’s fixed income portfolios. Prior to joining Howe & Rusling he worked as an assistant within the fixed income research group at Manning & Napier for two years. Ben graduated from Syracuse University in three years with a bachelor’s degree in finance. Ben has completed level 3 of the CFA.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.12 8.17

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