LeaderShares® Dynamic Yield ETF
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.6%
1 yr return
2.9%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$73 M
Holdings in Top 10
45.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.75%
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 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DYLD - Profile
Distributions
- YTD Total Return -0.6%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 4.2%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLeaderShares® Dynamic Yield ETF
-
Fund Family NameN/A
-
Inception DateJun 28, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Cheung
Fund Description
The Fund will be an actively managed exchange traded fund (ETF) that normally invests, directly or indirectly, at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different types of securities and sectors of the fixed income markets. The principal investments of the Fund include corporate bonds, U.S. government and agency securities, private debt, foreign sovereign bonds, convertible securities, bank loans, asset-backed securities, mortgage-backed securities, and cash equivalent instruments. The Fund may also invest in other investment companies, including other exchange-traded funds.
The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in fixed income instruments of any maturity or duration. The Fund will invest in both investment grade and below investment grade (often referred to as high yield or junk bonds) securities. The Fund will typically invest a substantial portion of the Funds investments in securities of issuers with a range of credit ratings. The Fund may invest up to 50% of its net assets in high yield securities. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including investing up to 20% of its net assets in issuers located in emerging market countries.
The number of sectors in which the Fund will be invested at any time may vary based upon market and economic conditions and other factors. During periods that Redwood Investment Management, LLC (the Adviser) identifies as above average risk, such as when risk of loss in the non-Treasury bond sectors are elevated or when significant market disruption occurs, the Fund may invest up to 100% of its net assets in U.S. government securities of the same maturity.
The Funds top-down investment process is driven by a quantitative model process that incorporates various fundamental and technical inputs to help the Adviser determine the most attractive sectors and segments of the bond market from a risk-reward perspective. The Adviser utilizes its quantitative research models to seek to identify when the opportunities for yield from increased credit risk and/or duration risk is sufficient to compensate for the relative risk of those exposures as compared to lower credit risk and/or shorter duration risk, and when to take more defensive positions if the yield premium relative to risk is less attractive due to greater risk of loss or downside volatility. The strategy seeks to capture higher yields when the Advisers research indicates the risk of significant drawdown (or loss in value) is low and moves to a more defensive position when its research indicates the risk of significant drawdown (or loss in value) is high. The Adviser also considers the convexity of the Funds portfolio, which measures the sensitivity of a bonds price to its yield as interest rates fluctuate and takes into account the price impact of pre-payment risk of bonds. Factors that the models and the Adviser take into account include trends in interest rates, credit spreads, and the relative strength of various bond market sectors such as treasuries, investment grade corporate, non-investment grade corporate, mortgage-backed, asset-backed and sovereign debt.
The relative risk across different sectors and segments of the fixed income market is assessed and baskets of representative securities within each such sector and segment are identified to implement the desired risk exposures. The Fund will sell a portfolio holding when the quantitative model outputs indicate a more attractive investment is available or when a change in risk exposure is desired by the Adviser.
The Fund may engage in active and frequent trading. The Funds portfolio turnover will vary based on the frequency and magnitude of changes in risks in the fixed income market. The frequency with which the Fund will re-balance its underlying holdings is not pre-determined and will occur when changes to the Funds portfolio risk exposures are made by the Adviser, which are currently anticipated to occur between zero to four times in any given calendar year, although there is no limit to the number of re-balancings in a single year and the number may vary from year to year.
DYLD - Performance
Return Ranking - Trailing
Period | DYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.6% | -21.8% | 17.7% | 96.75% |
1 Yr | 2.9% | -26.4% | 18.0% | N/A |
3 Yr | N/A* | -29.6% | 52.0% | N/A |
5 Yr | N/A* | -33.0% | 28.7% | N/A |
10 Yr | N/A* | -27.0% | 12.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | DYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.7% | -31.8% | 18.4% | N/A |
2022 | -12.2% | -14.3% | 103.5% | N/A |
2021 | N/A | -20.2% | 60.6% | N/A |
2020 | N/A | -13.4% | 10.9% | N/A |
2019 | N/A | -12.3% | 4.1% | N/A |
Total Return Ranking - Trailing
Period | DYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.6% | -21.8% | 28.6% | 95.93% |
1 Yr | 2.9% | -26.4% | 38.5% | N/A |
3 Yr | N/A* | -29.6% | 52.0% | N/A |
5 Yr | N/A* | -33.0% | 29.9% | N/A |
10 Yr | N/A* | -27.0% | 16.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | DYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.3% | -31.8% | 18.4% | N/A |
2022 | -10.8% | -14.3% | 103.5% | N/A |
2021 | N/A | -20.2% | 60.6% | N/A |
2020 | N/A | -13.4% | 10.9% | N/A |
2019 | N/A | -12.3% | 4.7% | N/A |
DYLD - Holdings
Concentration Analysis
DYLD | Category Low | Category High | DYLD % Rank | |
---|---|---|---|---|
Net Assets | 73 M | 100 | 124 B | 84.59% |
Number of Holdings | 242 | 2 | 8175 | 78.84% |
Net Assets in Top 10 | 34.8 M | -1.57 B | 20.5 B | 70.54% |
Weighting of Top 10 | 45.81% | 4.3% | 100.0% | 40.72% |
Top 10 Holdings
- B 02/08/24 20.68%
- B 04/04/24 13.05%
- T 1 1/2 02/29/24 4.63%
- T 1 1/2 02/15/25 4.53%
- BBH SWEEP VEHICLE 1.64%
- NFP 6 7/8 08/15/28 0.27%
- VERITS 7 1/2 09/01/25 0.26%
- TEN 8 11/17/28 0.25%
- SPLS 7 1/2 04/15/26 0.25%
- DTV 5 7/8 08/15/27 0.25%
Asset Allocation
Weighting | Return Low | Return High | DYLD % Rank | |
---|---|---|---|---|
Bonds | 97.60% | -150.81% | 188.92% | 61.27% |
Cash | 2.40% | -261.12% | 258.91% | 25.03% |
Stocks | 0.00% | -38.22% | 261.12% | 82.16% |
Preferred Stocks | 0.00% | 0.00% | 31.88% | 77.59% |
Other | 0.00% | -25.82% | 276.99% | 62.24% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 92.25% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DYLD % Rank | |
---|---|---|---|---|
Cash & Equivalents | 1.64% | 0.00% | 100.00% | 28.19% |
Derivative | 0.00% | 0.00% | 72.98% | 78.89% |
Securitized | 0.00% | 0.00% | 99.65% | 95.97% |
Corporate | 0.00% | 0.00% | 100.00% | 30.14% |
Municipal | 0.00% | 0.00% | 54.26% | 70.14% |
Government | 0.00% | 0.00% | 99.43% | 16.67% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DYLD % Rank | |
---|---|---|---|---|
US | 97.60% | -151.11% | 194.51% | 25.17% |
Non US | 0.00% | -136.75% | 90.11% | 82.85% |
DYLD - Expenses
Operational Fees
DYLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.75% | 0.01% | 6.46% | 69.89% |
Management Fee | 0.75% | 0.00% | 2.29% | 68.78% |
12b-1 Fee | N/A | 0.00% | 1.00% | 10.05% |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
DYLD 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% | 5.00% | N/A |
Trading Fees
DYLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
DYLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 496.00% | 2.73% |
DYLD - Distributions
Dividend Yield Analysis
DYLD | Category Low | Category High | DYLD % Rank | |
---|---|---|---|---|
Dividend Yield | 4.23% | 0.00% | 17.29% | 77.14% |
Dividend Distribution Analysis
DYLD | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
DYLD | Category Low | Category High | DYLD % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -1.55% | 11.51% | 76.46% |
Capital Gain Distribution Analysis
DYLD | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 02, 2024 | $0.093 | OrdinaryDividend |
Mar 04, 2024 | $0.079 | OrdinaryDividend |
Feb 05, 2024 | $0.028 | OrdinaryDividend |
Dec 26, 2023 | $0.185 | OrdinaryDividend |
Nov 06, 2023 | $0.079 | OrdinaryDividend |
Oct 02, 2023 | $0.062 | OrdinaryDividend |
Sep 05, 2023 | $0.063 | OrdinaryDividend |
Aug 02, 2023 | $0.072 | OrdinaryDividend |
Jul 03, 2023 | $0.059 | OrdinaryDividend |
Jun 05, 2023 | $0.059 | OrdinaryDividend |
May 03, 2023 | $0.066 | OrdinaryDividend |
Apr 03, 2023 | $0.058 | OrdinaryDividend |
Mar 06, 2023 | $0.050 | OrdinaryDividend |
Feb 06, 2023 | $0.026 | OrdinaryDividend |
Dec 28, 2022 | $0.085 | OrdinaryDividend |
Nov 30, 2022 | $0.026 | OrdinaryDividend |
Oct 31, 2022 | $0.041 | OrdinaryDividend |
Sep 30, 2022 | $0.034 | OrdinaryDividend |
Jul 29, 2022 | $0.028 | OrdinaryDividend |
Jun 30, 2022 | $0.028 | OrdinaryDividend |
May 31, 2022 | $0.015 | OrdinaryDividend |
Apr 29, 2022 | $0.007 | OrdinaryDividend |
Mar 30, 2022 | $0.013 | OrdinaryDividend |
Feb 28, 2022 | $0.060 | OrdinaryDividend |
Jan 31, 2022 | $0.003 | OrdinaryDividend |
Dec 28, 2021 | $0.077 | OrdinaryDividend |
Dec 01, 2021 | $0.029 | OrdinaryDividend |
Oct 29, 2021 | $0.052 | OrdinaryDividend |
Sep 30, 2021 | $0.036 | OrdinaryDividend |
Sep 01, 2021 | $0.043 | OrdinaryDividend |
Jul 30, 2021 | $0.019 | OrdinaryDividend |
DYLD - Fund Manager Analysis
Managers
Michael Cheung
Start Date
Tenure
Tenure Rank
Jun 28, 2021
0.92
0.9%
Michael is a Portfolio Manager and Head of Quantitative Research at Redwood Investment Management. Michael works closely with the firm’s founder and President in overseeing the development, implementation, and live risk management of Redwood’s investment strategies. He leads the quantitative research effort including other members of the quantitative analyst team, and is responsible for proprietary investment model algorithm design and maintenance. Michael brings extensive experience working with a variety of programming languages and database structures, as well as broad knowledge of capital markets, global macro, and quantitative analysis, from his prior experience as a head trader on a proprietary equities trading desk. In addition, Michael was also formerly the head of a statistical arbitrage strategy that traded across multiple asset classes. He studied quantitative economics and mathematics at the University of California, Irvine.
Michael Messinger
Start Date
Tenure
Tenure Rank
Jun 28, 2021
0.92
0.9%
After years of personal research while working with talented investors and “allocators” in the leveraged finance ecosystem, Michael founded Redwood in 2010 as a quantitative research based money management firm with a “RiskFirst™” mandate. The initial tactical fixed-income strategy, Defensive Credit, formed the quantitative research foundation that led to the launch of Redwood’s 5-Star Morningstar rated Mutual Fund, the Redwood Managed Risk Plus L.P. hedge fund, as well as the Multi-Sector Managed Risk, and Systematic Macro Trend (SMarT) strategies. Since then, Michael has expanded Redwood’s capabilities, with additions of talented professionals, to provide tactical and strategic beta investment solutions that include Redwood’s AlphaFactor® equity strategies, fixed-income, and alternatives, as well as Redwood’s Dynamic Risk-Budget Model asset allocation portfolios. Michael is responsible for overseeing the development, implementation, and live risk management of Redwood’s investment strategies. Prior to Redwood, Michael served as a Vice President for Riversource Investments, (now known as Columbia Management), worked in multiple roles at ING investment management, and began his career as an Analyst at UBS. He received his B.S in Finance from the University of Arizona in Tucson.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.64 | 3.19 |