HYLV — IQ S&P High Yield Low Volatility Bond ETF

HYLV Fund Overview

HYLV — IQ S&P High Yield Low Volatility Bond ETF is a US ETF managed by New York Life Investments ETF Trust, categorised as Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: New York Life Investments ETF Trust
• Category: Corporate Bond
• Assets under management: $14.30M
• 1-year return: -4.4%
• Ticker: HYLV
• SEC CIK: 0001415995
• SEC series ID: S000056030
• Share class ID: C000176409

HYLV Investment Objective and Strategy

IQ S&P High Yield Low Volatility Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by New York Life Investments ETF Trust.

Investment objective

The Fund seeks investment results that track (before fees and expenses) the price and yield performance of its underlying index, the S&P U.S. High Yield Low Volatility Corporate Bond Index (the Underlying Index).

Principal investment strategy

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 Moodys Investors Service, Standard & Poors, 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 bonds duration and the difference between the bonds 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, 2018, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods sector.

HYLV Performance

Total returns for HYLV (as of 2026-10-01), from SEC filings.

HYLV Risk Information

Risk metrics for HYLV, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 12.8%

HYLV Costs and Fees

HYLV costs about $40 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.40%
• Gross expense ratio: 0.41%
• Portfolio turnover: 99%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

HYLV Cashflows

Over the 12 months to 2023-01, IQ S&P High Yield Low Volatility Bond ETF had net inflows of $16.93M, from monthly SEC N-PORT filings.

HYLV Debt Constituents

No individual debt constituents are reported in IQ S&P High Yield Low Volatility Bond ETF's latest SEC N-PORT filing.

HYLV Prospectus and SEC Filings

Official IQ S&P High Yield Low Volatility Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-08-29
• Prospectus (485BPOS) — filed 2021-08-30
• Prospectus (485BPOS) — filed 2020-09-10
• Portfolio holdings (N-PORT) — filed 2023-03-28
• Portfolio holdings (N-PORT) — filed 2022-12-23
• Portfolio holdings (N-PORT) — filed 2022-09-26
• Annual census (N-CEN) — filed 2022-07-13
• Annual census (N-CEN) — filed 2021-07-09

Related Funds

Other Corporate Bond funds tracked on ABC INVEST:

• First Trust Preferred Securities and Income ETF (FPE)
• Nuveen Preferred Securities and Income Fund (NPSAX)
• Spectrum Preferred and Capital Securities Income Fund (PNARX)
• Invesco Variable Rate Preferred ETF (VRP)
• First Trust Institutional Preferred Securities and Income ETF (FPEI)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.