LeaderShares Dynamic Yield ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Detailed holdings are compiled from each fund’s latest SEC N-PORT portfolio filing. View this fund’s filings on SEC EDGAR →
About DYLD
The Fund is an actively managed exchange-traded fund (“ETF”) that invests, under normal circumstances, 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 fixed income securities and sectors. The Fund’s principal investments may 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 ETFs. 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 typically invests a substantial portion of the Fund’s assets 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 (often called “junk bonds”). The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including up to 20% of the Fund’s net assets in issuers located in emerging market countries. The Fund’s advisor, Redwood Investment Management, LLC (the “Advisor”) considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. The Advisor considers “emerging markets” to be those countries that are considered emerging market or developing countries by the World Bank or the International Financial Corporation, or that are included in any of the Morgan Stanley Capital International (MSCI) emerging market indices. 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 the Advisor believes involve above average market 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 Fund’s top-down investment process is driven by a quantitative model that incorporates various fundamental and technical inputs to help the Advisor determine the most attractive sectors and segments of the fixed income market from a risk-reward perspective. The Advisor utilizes its quantitative research models to seek to identify (i) when the opportunities for higher yields from increased credit risk (e.g., risk of default) and/or duration risk (e.g., risk related to changes in interest rates) are at a level sufficient to compensate for the relative risk of those exposures and (ii) 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 Advisor’s 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 Advisor also considers the convexity of the Fund’s portfolio, which measures the sensitivity of a bond’s 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 Advisor take into account include trends in interest rates, credit spreads, and the relative strength of various fixed income 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 Advisor. The Fund may engage in active and frequent trading. The Fund’s 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 rebalance its underlying holdings is not pre-determined and will occur when changes to the Fund’s portfolio risk exposures are made by the Advisor, 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 rebalancings in a single year and the number may vary from year to year.
DYLD News
- Avoiding Lag: Real-Time Signals in (DYLD) Movement
- (DYLD) Risk Channels and Responsive Allocation
- (DYLD) Movement as an Input in Quant Signal Sets
- Liquidity Mapping Around (DYLD) Price Events
- LeaderShares Dynamic Yield ETF (NYSEARCA:DYLD) Sees Large Drop in Short Interest
- Liquidity Mapping Around (DYLD) Price Events
- Why (DYLD) Price Action Is Critical for Tactical Trading
Data for DYLD is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.