What is HYGW?

HYGW uses a fund-of-fund approach to passively track an index that measures the performance of holding shares of the iShares High Yield Corporate Bond ETF and writing one-month call options against the shares.

PERFORMANCE [as of 11/25/22] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
HYGW 0.00% -6.42% -- -- -- -- --
HYGW (NAV) -0.13% -6.50% -- -- -- -- --
Cboe HYG BuyWrite Index -- -- -- -- -- -- --
Bloomberg US Corporate High Yield Index 3.35% -1.26% -10.65% -9.25% 1.01% 2.52% 4.34%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

HYGW Factset Analytics Insight

HYGW teaches an old dog a new trick. The fund holds shares of the iShares High Yield Corporate Bond ETF (ticker: HYG), one of the first bond ETFs offered in the US, and writes (sells) one-month covered call options. The objective is to provide additional income, in the form of option premium, along with the distributions received from the underlying bond portfolio. The fund will write call options up to the full amount of the shares being held in the portfolio. In doing so, the fund takes in option premium but forgoes the upside potential on the bonds at the strike price. The fund uses European-style options, which means the call options can only be exercised on the expiration date. This helps to roll the call options and reduces the chance the fund must physically deliver underlying shares. This strategy may outperform in periods of rising rates and widening credit spreads. In periods of declining rates, the fund will likely underperform as compared to just holding high yield bonds.

HYGW Summary Data

Blackrock
08/18/22
0.69%
$11.20M
Cboe HYG BuyWrite Index
Bloomberg US Corporate High Yield Index
Open-Ended Fund

Peers

Bloomberg US Corporate High Yield Index

Fund Flows

$0.00B 5 Days
+$0.00B 30 Days
+$0.01B 90 Days

HYGW Portfolio Data

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12/01/22
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HYGW Index Data

Cboe HYG BuyWrite Index
Fixed
Fixed
Bloomberg US Corporate High Yield Index

HYGW Portfolio Management

0.69%
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HYGW Tax Exposures

20.00% / 39.60%
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Ordinary income
No

HYGW Fund Structure

Open-Ended Fund
No
No
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N/A
N/A
Low
N/A

Factset Analytics Block Liquidity

As of 11/28/22

This measurement shows how easy it is to trade a $1 million USD block of HYGW. HYGW is rated a N/A out of 5.

HYGW Tradability

7,507
$279.43K
6,141
$228.55K
0.11%
$0.04
0.03%
0.35% / -0.11%
None
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0
$37.34
N/A

HYGW Sector/Industry Breakdown

HYGW Segment
Benchmark
99.39% --
0.61% --

HYGW Top 10 Holdings

0.61%
100.00%

HYGW Performance Statistics

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HYGW Avg Life Maturity Distribution

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HYGW OAS Breakdown

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HYGW Holdings Statistics

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Options Strategies for Outcome Investing

A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiration date while being long the underlying security.