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Trending ETFs

Name

As of 11/01/2024

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

$22.25

$169 M

6.23%

$1.38

0.43%

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

$22.2
$21.17
$22.34

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 11/01/2024

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

$22.25

$169 M

6.23%

$1.38

0.43%

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%
DIVIDENDS
  • Dividend Yield 6.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    WisdomTree Interest Rate Hedged High Yield Bond Fund
  • Fund Family Name
    WisdomTree Trust
  • Inception Date
    Dec 18, 2013
  • Shares Outstanding
    10600000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Randall 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.

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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

  1. State Street Navigator Securities Lending Government Money Market Portfolio 13.94%
  2. Sirius XM Radio Inc 1.08%
  3. Post Holdings Inc 1.05%
  4. DaVita Inc 0.89%
  5. Organon Co / Organon Foreign Debt Co-Issuer BV 0.87%
  6. CHS/Community Health Systems Inc 0.82%
  7. CHS/Community Health Systems Inc 0.80%
  8. Centene Corp 0.79%
  9. Tenneco Inc 0.74%
  10. 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

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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