WisdomTree Interest Rate Hedged High Yield Bond Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
8.3%
1 yr return
11.4%
3 Yr Avg Return
5.9%
5 Yr Avg Return
4.8%
Net Assets
$169 M
Holdings in Top 10
21.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 40.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HYZD - Profile
Distributions
- YTD Total Return 8.3%
- 3 Yr Annualized Total Return 5.9%
- 5 Yr Annualized Total Return 4.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.40%
- Dividend Yield 6.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameWisdomTree Interest Rate Hedged High Yield Bond Fund
-
Fund Family NameWisdomTree Trust
-
Inception DateDec 18, 2013
-
Shares Outstanding10600000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRandall Parrish
Fund Description
The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.
WisdomTree, Inc., the Index Provider and parent company of the Fund’s investment adviser, WisdomTree Asset Management, Inc. (“WisdomTree Asset Management” or the “Adviser”), designed the Index to provide long exposure to the performance of selected issuers in the U.S. non-investment-grade corporate bond (“junk bonds”) market that are deemed to have favorable fundamental and income characteristics while seeking to manage interest rate risk through the use of short positions in U.S. Treasury securities (“U.S. Treasuries”).
The Index is comprised of long and short positions. The long positions of the Index (the “Long Basket”) intends to replicate the WisdomTree U.S. High Yield Corporate Bond Index. The Index employs a multi-step process, which screens based on fundamentals to identify bonds with favorable characteristics and then tilts to those individual securities which offer favorable income characteristics. The goal is to improve the risk-adjusted performance of traditional market capitalization-weighted approaches of high-yield corporate bond indexes.
The Long Basket of the Index is comprised of corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, bonds must meet the following criteria: (i) pay fixed-rate coupons; (ii) have at least $500 million in par amount outstanding; (iii) have a remaining maturity of at least one year; and (iv) rated non-investment grade by Moody’s or S&P Global Ratings. In addition, the issuer cannot have defaulted or be in distress. For the purposes of the Index, bonds issued under Regulation S are excluded from eligibility. All bonds are denominated in U.S. dollars.
The Long Basket of the Index utilizes a “screen and tilt” rules-based approach to isolate bonds that have favorable fundamentals and tilts to those bonds with favorable income and valuation characteristics. Once the Index universe is defined from the eligibility criteria, individual bonds are assigned a factor score against their broad sector peers (e.g., industrials, financials, utilities, consumer and energy) based on rules-based fundamental metrics distinguishing cash flow characteristics and discards the securities with poor cash flow performance. Remaining bonds are ranked within each sector based on liquidity scores and then screened so that the bonds receiving the lowest 5% of liquidity scores in each sector are removed from the Index. Each remaining bond is then assigned an income tilt score based on its probability of default relative to the other remaining bonds in its sector. Income tilt scores are then used to determine a bond’s weight in the Index, with bonds receiving higher income tilt scores being more heavily weighted. Issuer exposure is capped at 2%, with excess exposure distributed to the remaining bonds on a pro-rata basis.
The short positions of the Index (the “Short Basket”) holds short positions in U.S. Treasuries (or futures providing exposure to U.S. Treasuries in the case of the Fund) that seek to correspond to a duration exposure matching the duration of the Long Basket, with a targeted total duration exposure of approximately zero years (e.g., if the average duration of bonds in the Long Basket is approximately two years, the Short Basket will seek an average duration of approximately two years among its short holdings of U.S. Treasuries, with an aggregate targeted Index duration of approximately zero years). Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. The Fund may also short U.S. Treasuries.
The Index weights the short exposure to U.S. Treasuries of differing maturities in an attempt to offset the sensitivity of the long exposure to overall moves in interest rates across the yield curve. The Long Basket and Short Basket of the Index are rebalanced on a monthly basis.
The Index is designed to have greater returns than an equivalent non-interest rate hedged investment when U.S. Treasury rates are rising significantly. Conversely, the Index is designed to have lower returns than an equivalent non-interest rate hedged investment when U.S. Treasury rates are falling significantly.
To the extent the Index concentrates (i.e., holds more than 25% 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 its Index.
HYZD - Performance
Return Ranking - Trailing
Period | HYZD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.3% | -10.3% | 16.6% | 7.24% |
1 Yr | 11.4% | -4.5% | 27.2% | 23.42% |
3 Yr | 5.9%* | -17.2% | 16.2% | 4.27% |
5 Yr | 4.8%* | -14.5% | 14.0% | 6.85% |
10 Yr | 4.2%* | -7.2% | 6.7% | 2.80% |
* Annualized
Return Ranking - Calendar
Period | HYZD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.6% | -12.0% | 8.9% | 15.10% |
2022 | -7.2% | -31.8% | 18.4% | 20.70% |
2021 | 2.1% | -16.2% | 25.7% | 6.05% |
2020 | -5.8% | -31.1% | 18.7% | 91.12% |
2019 | 3.3% | -6.1% | 15.3% | 69.67% |
Total Return Ranking - Trailing
Period | HYZD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.3% | -10.3% | 16.6% | 7.24% |
1 Yr | 11.4% | -4.5% | 27.2% | 23.42% |
3 Yr | 5.9%* | -17.2% | 16.2% | 4.27% |
5 Yr | 4.8%* | -14.5% | 14.0% | 6.85% |
10 Yr | 4.2%* | -7.2% | 6.7% | 2.80% |
* Annualized
Total Return Ranking - Calendar
Period | HYZD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.2% | -6.9% | 22.2% | 9.86% |
2022 | -2.4% | -31.8% | 21.1% | 13.11% |
2021 | 6.3% | -13.5% | 49.9% | 9.80% |
2020 | -0.6% | -28.6% | 24.1% | 88.28% |
2019 | 9.2% | -4.8% | 19.1% | 44.91% |
HYZD - Holdings
Concentration Analysis
HYZD | Category Low | Category High | HYZD % Rank | |
---|---|---|---|---|
Net Assets | 169 M | 2.53 M | 143 B | 76.35% |
Number of Holdings | 460 | 4 | 9195 | 52.88% |
Net Assets in Top 10 | 32.1 M | -204 M | 80.4 B | 82.12% |
Weighting of Top 10 | 21.71% | 5.8% | 265.8% | 62.23% |
Top 10 Holdings
- State Street Navigator Securities Lending Government Money Market Portfolio 13.94%
- Sirius XM Radio Inc 1.08%
- Post Holdings Inc 1.05%
- DaVita Inc 0.89%
- Organon Co / Organon Foreign Debt Co-Issuer BV 0.87%
- CHS/Community Health Systems Inc 0.82%
- CHS/Community Health Systems Inc 0.80%
- Centene Corp 0.79%
- Tenneco Inc 0.74%
- Level 3 Financing Inc 0.73%
Asset Allocation
Weighting | Return Low | Return High | HYZD % Rank | |
---|---|---|---|---|
Bonds | 95.80% | 0.00% | 199.60% | 29.55% |
Cash | 13.94% | -94.66% | 91.07% | 11.04% |
Convertible Bonds | 0.94% | 0.00% | 33.50% | 57.99% |
Other | 0.33% | -73.61% | 147.15% | 70.14% |
Stocks | 0.00% | -6.18% | 99.66% | 80.56% |
Preferred Stocks | 0.00% | 0.00% | 26.42% | 59.10% |
Bond Sector Breakdown
Weighting | Return Low | Return High | HYZD % Rank | |
---|---|---|---|---|
Corporate | 52.33% | 0.00% | 96.66% | 30.82% |
Cash & Equivalents | 13.94% | 0.00% | 88.00% | 9.98% |
Derivative | 0.33% | -73.61% | 147.15% | 26.99% |
Government | 0.18% | 0.00% | 99.43% | 84.59% |
Securitized | 0.00% | 0.00% | 99.65% | 93.90% |
Municipal | 0.00% | 0.00% | 54.26% | 55.54% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | HYZD % Rank | |
---|---|---|---|---|
US | 95.80% | 0.00% | 199.60% | 18.04% |
Non US | 0.00% | 0.00% | 74.14% | 75.58% |
HYZD - Expenses
Operational Fees
HYZD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.43% | 0.03% | 20.67% | 96.90% |
Management Fee | 0.43% | 0.00% | 2.29% | 14.20% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
HYZD 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% | 1.50% | N/A |
Trading Fees
HYZD 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.
HYZD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 40.00% | 0.00% | 632.00% | 14.47% |
HYZD - Distributions
Dividend Yield Analysis
HYZD | Category Low | Category High | HYZD % Rank | |
---|---|---|---|---|
Dividend Yield | 6.23% | 0.00% | 23.30% | 26.96% |
Dividend Distribution Analysis
HYZD | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
HYZD | Category Low | Category High | HYZD % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.40% | -1.55% | 11.51% | 13.59% |
Capital Gain Distribution Analysis
HYZD | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 28, 2024 | $0.115 | OrdinaryDividend |
Sep 25, 2024 | $0.120 | OrdinaryDividend |
Aug 27, 2024 | $0.120 | OrdinaryDividend |
Jul 26, 2024 | $0.110 | OrdinaryDividend |
Jun 25, 2024 | $0.110 | OrdinaryDividend |
Apr 24, 2024 | $0.110 | OrdinaryDividend |
Mar 22, 2024 | $0.110 | OrdinaryDividend |
Feb 23, 2024 | $0.105 | OrdinaryDividend |
Jan 25, 2024 | $0.100 | OrdinaryDividend |
Dec 22, 2023 | $0.147 | OrdinaryDividend |
Nov 24, 2023 | $0.110 | OrdinaryDividend |
Oct 25, 2023 | $0.110 | OrdinaryDividend |
Sep 25, 2023 | $0.106 | OrdinaryDividend |
Aug 25, 2023 | $0.106 | OrdinaryDividend |
Jul 25, 2023 | $0.105 | OrdinaryDividend |
Jun 26, 2023 | $0.100 | OrdinaryDividend |
May 24, 2023 | $0.100 | OrdinaryDividend |
Apr 24, 2023 | $0.100 | OrdinaryDividend |
Mar 27, 2023 | $0.100 | OrdinaryDividend |
Feb 22, 2023 | $0.100 | OrdinaryDividend |
Jan 25, 2023 | $0.100 | OrdinaryDividend |
Dec 23, 2022 | $0.107 | OrdinaryDividend |
Nov 23, 2022 | $0.100 | OrdinaryDividend |
Oct 25, 2022 | $0.100 | OrdinaryDividend |
Sep 26, 2022 | $0.100 | OrdinaryDividend |
Aug 25, 2022 | $0.095 | OrdinaryDividend |
Jul 25, 2022 | $0.095 | OrdinaryDividend |
Jun 24, 2022 | $0.085 | OrdinaryDividend |
May 24, 2022 | $0.080 | OrdinaryDividend |
Apr 25, 2022 | $0.075 | OrdinaryDividend |
Mar 25, 2022 | $0.075 | OrdinaryDividend |
Feb 22, 2022 | $0.075 | OrdinaryDividend |
Jan 25, 2022 | $0.075 | OrdinaryDividend |
Dec 27, 2021 | $0.070 | OrdinaryDividend |
Nov 23, 2021 | $0.075 | OrdinaryDividend |
Oct 25, 2021 | $0.075 | OrdinaryDividend |
Sep 24, 2021 | $0.075 | OrdinaryDividend |
Aug 25, 2021 | $0.075 | OrdinaryDividend |
Jul 26, 2021 | $0.075 | OrdinaryDividend |
Jun 24, 2021 | $0.075 | OrdinaryDividend |
May 24, 2021 | $0.075 | OrdinaryDividend |
Apr 26, 2021 | $0.075 | OrdinaryDividend |
Mar 25, 2021 | $0.075 | OrdinaryDividend |
Feb 22, 2021 | $0.070 | OrdinaryDividend |
Jan 25, 2021 | $0.080 | OrdinaryDividend |
Dec 21, 2020 | $0.090 | OrdinaryDividend |
Nov 23, 2020 | $0.090 | OrdinaryDividend |
Oct 27, 2020 | $0.088 | OrdinaryDividend |
Sep 22, 2020 | $0.088 | OrdinaryDividend |
Aug 25, 2020 | $0.088 | OrdinaryDividend |
Jul 28, 2020 | $0.090 | OrdinaryDividend |
Jun 23, 2020 | $0.090 | OrdinaryDividend |
May 26, 2020 | $0.078 | OrdinaryDividend |
Apr 21, 2020 | $0.095 | OrdinaryDividend |
Mar 24, 2020 | $0.107 | OrdinaryDividend |
Feb 25, 2020 | $0.107 | OrdinaryDividend |
Jan 21, 2020 | $0.110 | OrdinaryDividend |
Dec 23, 2019 | $0.115 | OrdinaryDividend |
Nov 25, 2019 | $0.110 | OrdinaryDividend |
Oct 22, 2019 | $0.105 | OrdinaryDividend |
Sep 24, 2019 | $0.103 | OrdinaryDividend |
Aug 27, 2019 | $0.100 | OrdinaryDividend |
Jul 23, 2019 | $0.100 | OrdinaryDividend |
Jun 24, 2019 | $0.100 | OrdinaryDividend |
May 28, 2019 | $0.105 | OrdinaryDividend |
Apr 23, 2019 | $0.108 | OrdinaryDividend |
Mar 26, 2019 | $0.110 | OrdinaryDividend |
Feb 19, 2019 | $0.110 | OrdinaryDividend |
Jan 22, 2019 | $0.110 | OrdinaryDividend |
Dec 24, 2018 | $0.120 | OrdinaryDividend |
Dec 04, 2018 | $0.025 | CapitalGainLongTerm |
Nov 20, 2018 | $0.115 | OrdinaryDividend |
Oct 23, 2018 | $0.110 | OrdinaryDividend |
Sep 25, 2018 | $0.110 | OrdinaryDividend |
Aug 21, 2018 | $0.105 | OrdinaryDividend |
Jul 24, 2018 | $0.100 | OrdinaryDividend |
Jun 25, 2018 | $0.100 | OrdinaryDividend |
May 22, 2018 | $0.095 | OrdinaryDividend |
Apr 24, 2018 | $0.095 | OrdinaryDividend |
Mar 20, 2018 | $0.095 | OrdinaryDividend |
Feb 20, 2018 | $0.090 | OrdinaryDividend |
Jan 23, 2018 | $0.090 | OrdinaryDividend |
Dec 26, 2017 | $0.101 | OrdinaryDividend |
Nov 21, 2017 | $0.093 | OrdinaryDividend |
Oct 24, 2017 | $0.103 | OrdinaryDividend |
Sep 26, 2017 | $0.105 | OrdinaryDividend |
Aug 21, 2017 | $0.090 | OrdinaryDividend |
Jul 24, 2017 | $0.093 | OrdinaryDividend |
Jun 26, 2017 | $0.095 | OrdinaryDividend |
May 22, 2017 | $0.095 | OrdinaryDividend |
Apr 24, 2017 | $0.100 | OrdinaryDividend |
Mar 27, 2017 | $0.100 | OrdinaryDividend |
Feb 17, 2017 | $0.110 | OrdinaryDividend |
Jan 23, 2017 | $0.110 | OrdinaryDividend |
Dec 23, 2016 | $0.120 | OrdinaryDividend |
Nov 21, 2016 | $0.120 | OrdinaryDividend |
Oct 24, 2016 | $0.110 | OrdinaryDividend |
Sep 26, 2016 | $0.105 | OrdinaryDividend |
Aug 22, 2016 | $0.100 | OrdinaryDividend |
Jul 25, 2016 | $0.100 | OrdinaryDividend |
Jun 20, 2016 | $0.100 | OrdinaryDividend |
May 23, 2016 | $0.095 | OrdinaryDividend |
Apr 25, 2016 | $0.095 | OrdinaryDividend |
Mar 21, 2016 | $0.090 | OrdinaryDividend |
Feb 22, 2016 | $0.090 | OrdinaryDividend |
Jan 25, 2016 | $0.085 | OrdinaryDividend |
Dec 21, 2015 | $0.085 | OrdinaryDividend |
Nov 23, 2015 | $0.085 | OrdinaryDividend |
Oct 26, 2015 | $0.075 | OrdinaryDividend |
Sep 21, 2015 | $0.085 | OrdinaryDividend |
Aug 24, 2015 | $0.085 | OrdinaryDividend |
Jul 27, 2015 | $0.085 | OrdinaryDividend |
Jun 22, 2015 | $0.085 | OrdinaryDividend |
May 22, 2015 | $0.080 | OrdinaryDividend |
Apr 20, 2015 | $0.075 | OrdinaryDividend |
Mar 23, 2015 | $0.075 | OrdinaryDividend |
Feb 23, 2015 | $0.075 | OrdinaryDividend |
Jan 26, 2015 | $0.070 | OrdinaryDividend |
Dec 19, 2014 | $0.077 | OrdinaryDividend |
Nov 21, 2014 | $0.075 | OrdinaryDividend |
Oct 27, 2014 | $0.070 | OrdinaryDividend |
Sep 22, 2014 | $0.060 | OrdinaryDividend |
Aug 25, 2014 | $0.090 | OrdinaryDividend |
Jul 21, 2014 | $0.090 | OrdinaryDividend |
Jun 23, 2014 | $0.090 | OrdinaryDividend |
May 23, 2014 | $0.070 | OrdinaryDividend |
Apr 21, 2014 | $0.065 | OrdinaryDividend |
Mar 24, 2014 | $0.065 | OrdinaryDividend |
Feb 24, 2014 | $0.055 | OrdinaryDividend |
Jan 27, 2014 | $0.075 | OrdinaryDividend |
Dec 24, 2013 | $0.025 | OrdinaryDividend |
HYZD - Fund Manager Analysis
Managers
Randall Parrish
Start Date
Tenure
Tenure Rank
Jun 04, 2020
1.99
2.0%
Randy Parrish, CFA Head of Credit Randy Parrish is head of credit and a senior high yield portfolio manager at Voya Investment Management. As head of credit, Randy oversees the high yield, investment grade and emerging market teams. Previously, Randy was head of high yield and served as a portfolio manager and analyst on the high yield team since joining Voya in 2001. Prior to joining the firm, he was a corporate banker in leveraged finance with SunTrust Bank and predecessors to Bank of America. Randy received a BBA in business administration from the University of Georgia and holds the Chartered Financial Analyst® designation.
Rick Cumberledge
Start Date
Tenure
Tenure Rank
Jun 04, 2020
1.99
2.0%
Rick Cumberledge, CFA Head of High Yield Rick Cumberledge is head of high yield and a senior high yield portfolio manager at Voya Investment Management. Prior to joining the firm, Rick spent nearly six years working at Federated Investors as a senior high yield credit analyst. His previous experience includes positions with American Capital Strategies, Bank of America and Allied Capital. Rick has a BA in business administration from Westminster College and an MSc in finance from the George Washington University. He holds the Chartered Financial Analyst® designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.71 | 3.19 |