HYI
A High Yield ETF Ahead of the Curve
Horizons Active High Yield Bond ETF (HYI) seeks to provide investors with high total return income and monthly distributions by primarily investing, directly or indirectly, in high-yield debt securities of North American companies. HYI may also invest, directly or indirectly, in convertible debentures, preferred shares and mortgage-backed securities.
Key Features
• Actively Managed: Sub-advised by DMAT Capital Management, whose lead portfolio manager, Barry Allan, has nearly 40 years of experience in managing fixed income for major Canadian asset managers.
• Emphasis on Risk Management: DMAT puts a strong focus on reducing portfolio risk in the high-yield sector. Portfolio will primarily be comprised of BB or B-rated bonds that have historically lower risk profiles than CCC or non-rated debt.
• Independent Security Analysis: DMAT will undertake independent credit and risk analysis of each issuer in HYI’s universe to determine selection for the portfolio rather than relying on agency credit ratings the way index strategies do.
Investment Objective
HYI seeks to provide Unitholders with: (i) high total return income; and (ii) monthly distributions. HYI invests, directly or indirectly, primarily in high-yield debt securities of North American companies. HYI may also invest, directly or indirectly, in convertible debentures, preferred shares (including securities convertible into preferred shares), mortgage backed securities and other income generating debt (including debt-like securities).
The ETF’s portfolio sub-advisor changed effective November 5, 2020.
Fund Details
Ticker
HYI
Inception Date
February 14, 2012
Net Assets ?
$64,094,914
As at August 12, 2022
Consolidated Prior Day Volume ?
74,818
For August 12, 2022
Average Daily Trading Volume Over a 12 Month Period ?
35,164
As at August 12, 2022
Exchange
Toronto Stock Exchange
Investment Manager
Horizons ETFs Management (Canada) Inc.
Eligibility
All Registered and Non-Registered Investment Accounts
Sub-Advisor
Management Fee
0.60%
(Plus applicable sales tax)
Management Expense Ratio ?
0.71%
As at December 31, 2021
Currency
CAD
Currency Hedging
Seeks to hedge its non-Canadian dollar currency exposure, if any, at all times
LEI ?
549300LPRVF0WXOP7O87
Distribution Metrics
Most Recent Distributions Per Unit
0.04589
Estimated Annualized Yield ?
6.89%
12-Month Trailing Yield ?
6.20%
Distribution Frequency
Monthly
Record Date
July 29, 2022
Portfolio Investment Metrics
As at June 30, 2022
Weighted Average Duration ?
3.48
Average Credit Quality ?
B+
Weighted Average Coupon ?
4.49
Weighted Average Yield to Maturity ?
7.43
The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.
The Growth of 10K chart above is based on the historical daily net asset value per unit (NAV) of the ETF, and represents the value of an initial investment into the ETF of $10,000 since its inception, on a total return basis. Distributions, if any, are treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses where paid by the fund. The chart is not a performance chart and is not indicative of future value which will vary.
Annualized Performance (%) *
| 1mo | 3mo | 6mo | YTD | 1 yr | 3 yr | 5 yr | 10 yr | SIR** | |
|---|---|---|---|---|---|---|---|---|---|
| Horizons Active High Yield Bond ETF | 4.23 | -2.55 | -7.52 | -9.68 | -8.68 | -0.39 | 1.04 | 3.56 | 4.05 |
**Fund performance since inception on February 14, 2012, as at July 31, 2022
Calendar Year Performance (%) *
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|---|---|---|
|
Horizons Active High Yield Bond ETF |
2.83 | -4.83 | 15.67 | 5.85 | -4.48 | 13.96 | 0.78 | 5.18 |
Distributions
| Year | Ex-Dividend Date | Record Date | Payment Date | Payment Amount | Reinvested Non-Cash Distributions | Distribution Period |
|---|---|---|---|---|---|---|
| 2022 | 07/28/2022 | 07/29/2022 | 08/11/2022 | 0.04589 | Monthly | |
| 2022 | 06/29/2022 | 06/30/2022 | 07/13/2022 | 0.04921 | Monthly | |
| 2022 | 05/30/2022 | 05/31/2022 | 06/10/2022 | 0.04921 | Monthly | |
| 2022 | 04/28/2022 | 04/29/2022 | 05/11/2022 | 0.04921 | Monthly | |
| 2022 | 03/30/2022 | 03/31/2022 | 04/12/2022 | 0.0468 | Monthly | |
| 2022 | 02/25/2022 | 02/28/2022 | 03/10/2022 | 0.0468 | Monthly | |
| 2022 | 01/28/2022 | 01/31/2022 | 02/10/2022 | 0.0468 | Monthly | |
| 2021 | 12/30/2021 | 12/31/2021 | 01/13/2022 | 0.04524 | Monthly | |
| 2021 | 11/29/2021 | 11/30/2021 | 12/10/2021 | 0.03104 | Monthly | |
| 2021 | 10/28/2021 | 10/29/2021 | 11/10/2021 | 0.03104 | Monthly | |
| 2021 | 09/28/2021 | 09/29/2021 | 10/13/2021 | 0.02758 | Monthly | |
| 2021 | 08/30/2021 | 08/31/2021 | 09/13/2021 | 0.02758 | Monthly | |
| 2021 | 07/29/2021 | 07/30/2021 | 08/12/2021 | 0.02758 | Monthly | |
| 2021 | 06/29/2021 | 06/30/2021 | 07/13/2021 | 0.03047 | Monthly | |
| 2021 | 05/28/2021 | 05/31/2021 | 06/10/2021 | 0.0305 | Monthly | |
| 2021 | 04/29/2021 | 04/30/2021 | 05/12/2021 | 0.0305 | Monthly | |
| 2021 | 03/30/2021 | 03/31/2021 | 04/13/2021 | 0.0315 | Monthly | |
| 2021 | 02/25/2021 | 02/26/2021 | 03/10/2021 | 0.0325 | Monthly | |
| 2021 | 01/28/2021 | 01/29/2021 | 02/10/2021 | 0.0465 | Monthly | |
| 2020 | 12/30/2020 | 12/31/2020 | 01/13/2021 | 0.0465 | Monthly | |
| 2020 | 11/27/2020 | 11/30/2020 | 12/10/2020 | 0.0465 | Monthly | |
| 2020 | 10/29/2020 | 10/30/2020 | 11/12/2020 | 0.0465 | Monthly | |
| 2020 | 09/29/2020 | 09/30/2020 | 10/13/2020 | 0.0465 | Monthly | |
| 2020 | 08/28/2020 | 08/31/2020 | 09/11/2020 | 0.0465 | Monthly | |
| 2020 | 07/30/2020 | 07/31/2020 | 08/13/2020 | 0.0465 | Monthly | |
| 2020 | 06/29/2020 | 06/30/2020 | 07/13/2020 | 0.0542 | Monthly | |
| 2020 | 05/28/2020 | 05/29/2020 | 06/10/2020 | 0.0542 | Monthly | |
| 2020 | 04/29/2020 | 04/30/2020 | 05/12/2020 | 0.0542 | Monthly | |
| 2020 | 03/30/2020 | 03/31/2020 | 04/13/2020 | 0.0485 | Monthly | |
| 2020 | 02/27/2020 | 02/28/2020 | 03/11/2020 | 0.0485 | Monthly | |
| 2020 | 01/30/2020 | 01/31/2020 | 02/12/2020 | 0.0485 | Monthly | |
| 2019 | 12/30/2019 | 12/31/2019 | 01/13/2020 | 0.0406 | Monthly | |
| 2019 | 11/28/2019 | 11/29/2019 | 12/11/2019 | 0.0498 | Monthly | |
| 2019 | 10/30/2019 | 10/31/2019 | 11/13/2019 | 0.0498 | Monthly | |
| 2019 | 09/27/2019 | 09/30/2019 | 10/10/2019 | 0.0471 | Monthly | |
| 2019 | 08/29/2019 | 08/30/2019 | 09/12/2019 | 0.0471 | Monthly | |
| 2019 | 07/30/2019 | 07/31/2019 | 08/13/2019 | 0.0471 | Monthly | |
| 2019 | 06/27/2019 | 06/28/2019 | 07/11/2019 | 0.0502 | Monthly | |
| 2019 | 05/30/2019 | 05/31/2019 | 06/12/2019 | 0.0502 | Monthly | |
| 2019 | 04/29/2019 | 04/30/2019 | 05/10/2019 | 0.0502 | Monthly | |
| 2019 | 03/28/2019 | 03/29/2019 | 04/10/2019 | 0.052 | Monthly | |
| 2019 | 02/27/2019 | 02/28/2019 | 03/12/2019 | 0.052 | Monthly | |
| 2019 | 01/30/2019 | 01/31/2019 | 02/12/2019 | 0.052 | Monthly | |
| 2018 | 12/28/2018 | 12/31/2018 | 01/11/2019 | 0.0592 | Monthly | |
| 2018 | 11/29/2018 | 11/30/2018 | 12/12/2018 | 0.0552 | Monthly | |
| 2018 | 10/30/2018 | 10/31/2018 | 11/13/2018 | 0.0518 | Monthly | |
| 2018 | 09/27/2018 | 09/28/2018 | 10/11/2018 | 0.0521 | Monthly | |
| 2018 | 08/30/2018 | 08/31/2018 | 09/13/2018 | 0.0521 | Monthly | |
| 2018 | 07/30/2018 | 07/31/2018 | 08/13/2018 | 0.0521 | Monthly | |
| 2018 | 06/28/2018 | 06/29/2018 | 07/12/2018 | 0.0495 | Monthly | |
| 2018 | 05/30/2018 | 05/31/2018 | 06/12/2018 | 0.0495 | Monthly | |
| 2018 | 04/27/2018 | 04/30/2018 | 05/10/2018 | 0.0495 | Monthly | |
| 2018 | 03/28/2018 | 03/29/2018 | 04/11/2018 | 0.0492 | Monthly | |
| 2018 | 02/27/2018 | 02/28/2018 | 03/12/2018 | 0.0492 | Monthly | |
| 2018 | 01/30/2018 | 01/31/2018 | 02/12/2018 | 0.0492 | Monthly | |
| 2017 | 12/28/2017 | 12/29/2017 | 01/11/2018 | 0.0486 | 0.1026 | Monthly |
| 2017 | 11/29/2017 | 11/30/2017 | 12/12/2017 | 0.0486 | Monthly | |
| 2017 | 10/30/2017 | 10/31/2017 | 11/10/2017 | 0.0486 | Monthly | |
| 2017 | 09/28/2017 | 09/29/2017 | 10/12/2017 | 0.0458 | Monthly | |
| 2017 | 08/29/2017 | 08/31/2017 | 09/13/2017 | 0.0458 | Monthly | |
| 2017 | 07/27/2017 | 07/31/2017 | 08/11/2017 | 0.0458 | Monthly | |
| 2017 | 06/28/2017 | 06/30/2017 | 07/13/2017 | 0.0496 | Monthly | |
| 2017 | 05/29/2017 | 05/31/2017 | 06/12/2017 | 0.0496 | Monthly | |
| 2017 | 04/25/2017 | 04/27/2017 | 05/09/2017 | 0.0496 | Monthly | |
| 2017 | 03/29/2017 | 03/31/2017 | 04/12/2017 | 0.0497 | Monthly | |
| 2017 | 02/24/2017 | 02/28/2017 | 03/10/2017 | 0.0497 | Monthly | |
| 2017 | 01/27/2017 | 01/31/2017 | 02/10/2017 | 0.0497 | Monthly | |
| 2016 | 12/28/2016 | 12/30/2016 | 01/12/2017 | 0.0481 | Monthly | |
| 2016 | 11/28/2016 | 11/30/2016 | 12/01/2016 | 0.0481 | Monthly | |
| 2016 | 10/27/2016 | 10/31/2016 | 11/10/2016 | 0.0481 | Monthly | |
| 2016 | 09/28/2016 | 09/30/2016 | 10/13/2016 | 0.048 | Monthly | |
| 2016 | 08/29/2016 | 08/31/2016 | 09/13/2016 | 0.0481 | Monthly | |
| 2016 | 07/27/2016 | 07/29/2016 | 08/11/2016 | 0.048 | Monthly | |
| 2016 | 06/28/2016 | 06/30/2016 | 07/13/2016 | 0.0477 | Monthly | |
| 2016 | 05/27/2016 | 05/31/2016 | 06/19/2016 | 0.0477 | Monthly | |
| 2016 | 04/27/2016 | 04/29/2016 | 05/11/2016 | 0.0477 | Monthly | |
| 2016 | 03/29/2016 | 03/31/2016 | 04/12/2016 | 0.0488 | Monthly | |
| 2016 | 02/25/2016 | 02/29/2016 | 03/10/2016 | 0.0488 | Monthly | |
| 2016 | 01/27/2016 | 01/29/2016 | 02/10/2016 | 0.0488 | Monthly | |
| 2015 | 12/29/2015 | 12/31/2015 | 01/13/2016 | 0.0495 | Monthly | |
| 2015 | 11/26/2015 | 11/30/2015 | 12/10/2015 | 0.0444 | Monthly | |
| 2015 | 10/28/2015 | 10/31/2015 | 11/12/2015 | 0.0444 | Monthly | |
| 2015 | 09/28/2015 | 09/30/2015 | 10/13/2015 | 0.0509 | Monthly | |
| 2015 | 08/27/2015 | 08/31/2015 | 09/11/2015 | 0.0509 | Monthly | |
| 2015 | 07/29/2015 | 07/31/2015 | 08/13/2015 | 0.0509 | Monthly | |
| 2015 | 06/26/2015 | 06/30/2015 | 07/13/2015 | 0.0469 | Monthly | |
| 2015 | 05/27/2015 | 05/29/2015 | 06/10/2015 | 0.0469 | Monthly | |
| 2015 | 04/28/2015 | 04/30/2015 | 05/12/2015 | 0.0469 | Monthly | |
| 2015 | 03/27/2015 | 03/31/2015 | 04/13/2015 | 0.054 | Monthly | |
| 2015 | 02/25/2015 | 02/27/2015 | 03/11/2015 | 0.054 | Monthly | |
| 2015 | 01/28/2015 | 01/30/2015 | 02/11/2015 | 0.054 | Monthly | |
| 2014 | 12/29/2014 | 12/31/2014 | 01/13/2015 | 0.06 | Monthly | |
| 2014 | 11/26/2014 | 11/28/2014 | 12/10/2014 | 0.06 | Monthly | |
| 2014 | 10/29/2014 | 10/31/2014 | 11/12/2014 | 0.0501 | Monthly | |
| 2014 | 09/26/2014 | 09/30/2014 | 10/10/2014 | 0.0529 | Monthly | |
| 2014 | 08/27/2014 | 08/29/2014 | 09/11/2014 | 0.0529 | Monthly | |
| 2014 | 07/29/2014 | 07/31/2014 | 08/13/2014 | 0.0529 | Monthly | |
| 2014 | 06/26/2014 | 06/30/2014 | 07/11/2014 | 0.0532 | Monthly | |
| 2014 | 05/28/2014 | 05/30/2014 | 06/11/2014 | 0.0532 | Monthly | |
| 2014 | 04/28/2014 | 04/30/2014 | 05/12/2014 | 0.0532 | Monthly | |
| 2014 | 03/27/2014 | 03/31/2014 | 04/10/2014 | 0.059 | Monthly | |
| 2014 | 02/26/2014 | 02/28/2014 | 03/10/2014 | 0.059 | Monthly | |
| 2014 | 01/29/2014 | 01/31/2014 | 02/12/2014 | 0.059 | Monthly | |
| 2013 | 12/27/2013 | 12/31/2013 | 01/13/2014 | 0.1205 | Monthly | |
| 2013 | 11/27/2013 | 11/29/2013 | 12/11/2013 | 0.0542 | Monthly | |
| 2013 | 10/29/2013 | 10/31/2013 | 11/12/2013 | 0.0542 | Monthly | |
| 2013 | 09/26/2013 | 09/30/2013 | 10/10/2013 | 0.0522 | Monthly | |
| 2013 | 08/28/2013 | 08/30/2013 | 09/12/2013 | 0.0522 | Monthly | |
| 2013 | 07/29/2013 | 07/31/2013 | 08/13/2013 | 0.0522 | Monthly | |
| 2013 | 06/26/2013 | 06/28/2013 | 07/11/2013 | 0.0552 | Monthly | |
| 2013 | 05/29/2013 | 05/31/2013 | 06/12/2013 | 0.0552 | Monthly | |
| 2013 | 04/26/2013 | 04/30/2013 | 05/10/2013 | 0.0541 | Monthly | |
| 2013 | 03/26/2013 | 03/28/2013 | 04/10/2013 | 0.0554 | Monthly | |
| 2013 | 02/26/2013 | 02/28/2013 | 03/12/2013 | 0.0501 | Monthly | |
| 2013 | 01/29/2013 | 01/31/2013 | 02/12/2013 | 0.0523 | Monthly | |
| 2012 | 12/27/2012 | 12/31/2012 | 01/11/2013 | 0.0592 | 0.1208 | Monthly |
| 2012 | 11/28/2012 | 11/30/2012 | 12/12/2012 | 0.0592 | Monthly | |
| 2012 | 10/29/2012 | 10/31/2012 | 11/09/2012 | 0.0592 | Monthly | |
| 2012 | 09/26/2012 | 09/28/2012 | 10/11/2012 | 0.0595 | Monthly | |
| 2012 | 08/29/2012 | 08/31/2012 | 09/13/2012 | 0.0617 | Monthly | |
| 2012 | 07/27/2012 | 07/31/2012 | 08/13/2012 | 0.0615 | Monthly | |
| 2012 | 06/27/2012 | 06/29/2012 | 07/12/2012 | 0.0585 | Monthly | |
| 2012 | 05/29/2012 | 05/31/2012 | 06/12/2012 | 0.06 | Monthly | |
| 2012 | 04/26/2012 | 04/30/2012 | 05/10/2012 | 0.058 | Monthly | |
| 2012 | 03/28/2012 | 03/30/2012 | 04/12/2012 | 0.0895 | Monthly |
Sector Allocation
As at July 31, 2022| Financials | 19.30% |
| Cash | 14.11% |
| Consumer Cyclical | 11.70% |
| Consumer Non Cyclical | 9.83% |
| Energy | 7.59% |
| Comms | 5.40% |
| Materials | 5.29% |
| Technology | 5.18% |
| Consumer Goods | 4.79% |
| Basic Materials | 4.41% |
| Government | 3.96% |
| Health Care | 3.70% |
| Industrial Services | 2.69% |
| Real Estate | 2.05% |
Credit Ratings
As at June 30, 2022| AAA | 9.97% |
| AA | 2.80% |
| BBB | 3.48% |
| BB | 25.98% |
| B | 24.97% |
| CCC | 0.98% |
| Unrated | 31.79% |
Geographic Exposure
As at July 31, 2022| United States | 79.62% |
| Canada | 20.41% |
Top 10 Holdings
As at July 31, 2022| Security Name | Weight |
|---|---|
| United States Treasury 2.88% 15-May-2032 | 4.10% |
| First Quantum Minerals Ltd 6.50% 01-Mar-2024 | 3.96% |
| American Airlines Inc 5.75% 20-Apr-2029 | 3.86% |
| CommScope Inc 6.00% 01-Mar-2026 | 3.84% |
| Delta Air Lines Inc 3.75% 28-Oct-2029 | 3.52% |
| Tenet Healthcare Corp 6.13% 01-Oct-2028 | 3.49% |
| Targa Resources Partners LP 5.00% 15-Jan-2028 | 2.96% |
| Teva Pharmaceuticl Fnce III BV 3.15% 01-Oct-2026 | 2.56% |
| Ford Motor Credit Co LLC 5.11% 03-Feb-2029 | 2.37% |
| Bausch Health Cos Inc 5.00% 15-Feb-2029 | 2.33% |
Education
Regulatory and Legal
At a Glance
A High Yield ETF Ahead of the Curve
Horizons Active High Yield Bond ETF (HYI) seeks to provide investors with high total return income and monthly distributions by primarily investing, directly or indirectly, in high-yield debt securities of North American companies. HYI may also invest, directly or indirectly, in convertible debentures, preferred shares and mortgage-backed securities.
Key Features
• Actively Managed: Sub-advised by DMAT Capital Management, whose lead portfolio manager, Barry Allan, has nearly 40 years of experience in managing fixed income for major Canadian asset managers.
• Emphasis on Risk Management: DMAT puts a strong focus on reducing portfolio risk in the high-yield sector. Portfolio will primarily be comprised of BB or B-rated bonds that have historically lower risk profiles than CCC or non-rated debt.
• Independent Security Analysis: DMAT will undertake independent credit and risk analysis of each issuer in HYI’s universe to determine selection for the portfolio rather than relying on agency credit ratings the way index strategies do.
Product Facts
Investment Objective
HYI seeks to provide Unitholders with: (i) high total return income; and (ii) monthly distributions. HYI invests, directly or indirectly, primarily in high-yield debt securities of North American companies. HYI may also invest, directly or indirectly, in convertible debentures, preferred shares (including securities convertible into preferred shares), mortgage backed securities and other income generating debt (including debt-like securities).
The ETF’s portfolio sub-advisor changed effective November 5, 2020.
Fund Details
Ticker
HYI
Inception Date
February 14, 2012
Net Assets ?
$64,094,914
As at August 12, 2022
Consolidated Prior Day Volume ?
74,818
For August 12, 2022
Average Daily Trading Volume Over a 12 Month Period ?
35,164
As at August 12, 2022
Exchange
Toronto Stock Exchange
Investment Manager
Horizons ETFs Management (Canada) Inc.
Eligibility
All Registered and Non-Registered Investment Accounts
Sub-Advisor
Management Fee
0.60%
(Plus applicable sales tax)
Management Expense Ratio ?
0.71%
As at December 31, 2021
Currency
CAD
Currency Hedging
Seeks to hedge its non-Canadian dollar currency exposure, if any, at all times
LEI ?
549300LPRVF0WXOP7O87
Distribution Metrics
Most Recent Distributions Per Unit
0.04589
Estimated Annualized Yield ?
6.89%
12-Month Trailing Yield ?
6.20%
Distribution Frequency
Monthly
Record Date
July 29, 2022
Portfolio Investment Metrics
As at June 30, 2022
Weighted Average Duration ?
3.48
Average Credit Quality ?
B+
Weighted Average Coupon ?
4.49
Weighted Average Yield to Maturity ?
7.43
The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.
The Growth of 10K chart above is based on the historical daily net asset value per unit (NAV) of the ETF, and represents the value of an initial investment into the ETF of $10,000 since its inception, on a total return basis. Distributions, if any, are treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses where paid by the fund. The chart is not a performance chart and is not indicative of future value which will vary.
Performance & Distributions
Annualized Performance (%) *
| 1mo | 3mo | 6mo | YTD | 1 yr | 3 yr | 5 yr | 10 yr | SIR** | |
|---|---|---|---|---|---|---|---|---|---|
| Horizons Active High Yield Bond ETF | 4.23 | -2.55 | -7.52 | -9.68 | -8.68 | -0.39 | 1.04 | 3.56 | 4.05 |
**Fund performance since inception on February 14, 2012, as at July 31, 2022
Calendar Year Performance (%)
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|---|---|---|
| Horizons Active High Yield Bond ETF | 2.83 | -4.83 | 15.67 | 5.85 | -4.48 | 13.96 | 0.78 | 5.18 |
Distributions
| Year | Ex-Dividend Date | Record Date | Payment Date | Payment Amount | Reinvested Non-Cash Distributions | Distribution Period |
|---|---|---|---|---|---|---|
| 2022 | 07/28/2022 | 07/29/2022 | 08/11/2022 | 0.04589 | Monthly | |
| 2022 | 06/29/2022 | 06/30/2022 | 07/13/2022 | 0.04921 | Monthly | |
| 2022 | 05/30/2022 | 05/31/2022 | 06/10/2022 | 0.04921 | Monthly | |
| 2022 | 04/28/2022 | 04/29/2022 | 05/11/2022 | 0.04921 | Monthly | |
| 2022 | 03/30/2022 | 03/31/2022 | 04/12/2022 | 0.0468 | Monthly | |
| 2022 | 02/25/2022 | 02/28/2022 | 03/10/2022 | 0.0468 | Monthly | |
| 2022 | 01/28/2022 | 01/31/2022 | 02/10/2022 | 0.0468 | Monthly | |
| 2021 | 12/30/2021 | 12/31/2021 | 01/13/2022 | 0.04524 | Monthly | |
| 2021 | 11/29/2021 | 11/30/2021 | 12/10/2021 | 0.03104 | Monthly | |
| 2021 | 10/28/2021 | 10/29/2021 | 11/10/2021 | 0.03104 | Monthly | |
| 2021 | 09/28/2021 | 09/29/2021 | 10/13/2021 | 0.02758 | Monthly | |
| 2021 | 08/30/2021 | 08/31/2021 | 09/13/2021 | 0.02758 | Monthly | |
| 2021 | 07/29/2021 | 07/30/2021 | 08/12/2021 | 0.02758 | Monthly | |
| 2021 | 06/29/2021 | 06/30/2021 | 07/13/2021 | 0.03047 | Monthly | |
| 2021 | 05/28/2021 | 05/31/2021 | 06/10/2021 | 0.0305 | Monthly | |
| 2021 | 04/29/2021 | 04/30/2021 | 05/12/2021 | 0.0305 | Monthly | |
| 2021 | 03/30/2021 | 03/31/2021 | 04/13/2021 | 0.0315 | Monthly | |
| 2021 | 02/25/2021 | 02/26/2021 | 03/10/2021 | 0.0325 | Monthly | |
| 2021 | 01/28/2021 | 01/29/2021 | 02/10/2021 | 0.0465 | Monthly | |
| 2020 | 12/30/2020 | 12/31/2020 | 01/13/2021 | 0.0465 | Monthly | |
| 2020 | 11/27/2020 | 11/30/2020 | 12/10/2020 | 0.0465 | Monthly | |
| 2020 | 10/29/2020 | 10/30/2020 | 11/12/2020 | 0.0465 | Monthly | |
| 2020 | 09/29/2020 | 09/30/2020 | 10/13/2020 | 0.0465 | Monthly | |
| 2020 | 08/28/2020 | 08/31/2020 | 09/11/2020 | 0.0465 | Monthly | |
| 2020 | 07/30/2020 | 07/31/2020 | 08/13/2020 | 0.0465 | Monthly | |
| 2020 | 06/29/2020 | 06/30/2020 | 07/13/2020 | 0.0542 | Monthly | |
| 2020 | 05/28/2020 | 05/29/2020 | 06/10/2020 | 0.0542 | Monthly | |
| 2020 | 04/29/2020 | 04/30/2020 | 05/12/2020 | 0.0542 | Monthly | |
| 2020 | 03/30/2020 | 03/31/2020 | 04/13/2020 | 0.0485 | Monthly | |
| 2020 | 02/27/2020 | 02/28/2020 | 03/11/2020 | 0.0485 | Monthly | |
| 2020 | 01/30/2020 | 01/31/2020 | 02/12/2020 | 0.0485 | Monthly | |
| 2019 | 12/30/2019 | 12/31/2019 | 01/13/2020 | 0.0406 | Monthly | |
| 2019 | 11/28/2019 | 11/29/2019 | 12/11/2019 | 0.0498 | Monthly | |
| 2019 | 10/30/2019 | 10/31/2019 | 11/13/2019 | 0.0498 | Monthly | |
| 2019 | 09/27/2019 | 09/30/2019 | 10/10/2019 | 0.0471 | Monthly | |
| 2019 | 08/29/2019 | 08/30/2019 | 09/12/2019 | 0.0471 | Monthly | |
| 2019 | 07/30/2019 | 07/31/2019 | 08/13/2019 | 0.0471 | Monthly | |
| 2019 | 06/27/2019 | 06/28/2019 | 07/11/2019 | 0.0502 | Monthly | |
| 2019 | 05/30/2019 | 05/31/2019 | 06/12/2019 | 0.0502 | Monthly | |
| 2019 | 04/29/2019 | 04/30/2019 | 05/10/2019 | 0.0502 | Monthly | |
| 2019 | 03/28/2019 | 03/29/2019 | 04/10/2019 | 0.052 | Monthly | |
| 2019 | 02/27/2019 | 02/28/2019 | 03/12/2019 | 0.052 | Monthly | |
| 2019 | 01/30/2019 | 01/31/2019 | 02/12/2019 | 0.052 | Monthly | |
| 2018 | 12/28/2018 | 12/31/2018 | 01/11/2019 | 0.0592 | Monthly | |
| 2018 | 11/29/2018 | 11/30/2018 | 12/12/2018 | 0.0552 | Monthly | |
| 2018 | 10/30/2018 | 10/31/2018 | 11/13/2018 | 0.0518 | Monthly | |
| 2018 | 09/27/2018 | 09/28/2018 | 10/11/2018 | 0.0521 | Monthly | |
| 2018 | 08/30/2018 | 08/31/2018 | 09/13/2018 | 0.0521 | Monthly | |
| 2018 | 07/30/2018 | 07/31/2018 | 08/13/2018 | 0.0521 | Monthly | |
| 2018 | 06/28/2018 | 06/29/2018 | 07/12/2018 | 0.0495 | Monthly | |
| 2018 | 05/30/2018 | 05/31/2018 | 06/12/2018 | 0.0495 | Monthly | |
| 2018 | 04/27/2018 | 04/30/2018 | 05/10/2018 | 0.0495 | Monthly | |
| 2018 | 03/28/2018 | 03/29/2018 | 04/11/2018 | 0.0492 | Monthly | |
| 2018 | 02/27/2018 | 02/28/2018 | 03/12/2018 | 0.0492 | Monthly | |
| 2018 | 01/30/2018 | 01/31/2018 | 02/12/2018 | 0.0492 | Monthly | |
| 2017 | 12/28/2017 | 12/29/2017 | 01/11/2018 | 0.0486 | 0.1026 | Monthly |
| 2017 | 11/29/2017 | 11/30/2017 | 12/12/2017 | 0.0486 | Monthly | |
| 2017 | 10/30/2017 | 10/31/2017 | 11/10/2017 | 0.0486 | Monthly | |
| 2017 | 09/28/2017 | 09/29/2017 | 10/12/2017 | 0.0458 | Monthly | |
| 2017 | 08/29/2017 | 08/31/2017 | 09/13/2017 | 0.0458 | Monthly | |
| 2017 | 07/27/2017 | 07/31/2017 | 08/11/2017 | 0.0458 | Monthly | |
| 2017 | 06/28/2017 | 06/30/2017 | 07/13/2017 | 0.0496 | Monthly | |
| 2017 | 05/29/2017 | 05/31/2017 | 06/12/2017 | 0.0496 | Monthly | |
| 2017 | 04/25/2017 | 04/27/2017 | 05/09/2017 | 0.0496 | Monthly | |
| 2017 | 03/29/2017 | 03/31/2017 | 04/12/2017 | 0.0497 | Monthly | |
| 2017 | 02/24/2017 | 02/28/2017 | 03/10/2017 | 0.0497 | Monthly | |
| 2017 | 01/27/2017 | 01/31/2017 | 02/10/2017 | 0.0497 | Monthly | |
| 2016 | 12/28/2016 | 12/30/2016 | 01/12/2017 | 0.0481 | Monthly | |
| 2016 | 11/28/2016 | 11/30/2016 | 12/01/2016 | 0.0481 | Monthly | |
| 2016 | 10/27/2016 | 10/31/2016 | 11/10/2016 | 0.0481 | Monthly | |
| 2016 | 09/28/2016 | 09/30/2016 | 10/13/2016 | 0.048 | Monthly | |
| 2016 | 08/29/2016 | 08/31/2016 | 09/13/2016 | 0.0481 | Monthly | |
| 2016 | 07/27/2016 | 07/29/2016 | 08/11/2016 | 0.048 | Monthly | |
| 2016 | 06/28/2016 | 06/30/2016 | 07/13/2016 | 0.0477 | Monthly | |
| 2016 | 05/27/2016 | 05/31/2016 | 06/19/2016 | 0.0477 | Monthly | |
| 2016 | 04/27/2016 | 04/29/2016 | 05/11/2016 | 0.0477 | Monthly | |
| 2016 | 03/29/2016 | 03/31/2016 | 04/12/2016 | 0.0488 | Monthly | |
| 2016 | 02/25/2016 | 02/29/2016 | 03/10/2016 | 0.0488 | Monthly | |
| 2016 | 01/27/2016 | 01/29/2016 | 02/10/2016 | 0.0488 | Monthly | |
| 2015 | 12/29/2015 | 12/31/2015 | 01/13/2016 | 0.0495 | Monthly | |
| 2015 | 11/26/2015 | 11/30/2015 | 12/10/2015 | 0.0444 | Monthly | |
| 2015 | 10/28/2015 | 10/31/2015 | 11/12/2015 | 0.0444 | Monthly | |
| 2015 | 09/28/2015 | 09/30/2015 | 10/13/2015 | 0.0509 | Monthly | |
| 2015 | 08/27/2015 | 08/31/2015 | 09/11/2015 | 0.0509 | Monthly | |
| 2015 | 07/29/2015 | 07/31/2015 | 08/13/2015 | 0.0509 | Monthly | |
| 2015 | 06/26/2015 | 06/30/2015 | 07/13/2015 | 0.0469 | Monthly | |
| 2015 | 05/27/2015 | 05/29/2015 | 06/10/2015 | 0.0469 | Monthly | |
| 2015 | 04/28/2015 | 04/30/2015 | 05/12/2015 | 0.0469 | Monthly | |
| 2015 | 03/27/2015 | 03/31/2015 | 04/13/2015 | 0.054 | Monthly | |
| 2015 | 02/25/2015 | 02/27/2015 | 03/11/2015 | 0.054 | Monthly | |
| 2015 | 01/28/2015 | 01/30/2015 | 02/11/2015 | 0.054 | Monthly | |
| 2014 | 12/29/2014 | 12/31/2014 | 01/13/2015 | 0.06 | Monthly | |
| 2014 | 11/26/2014 | 11/28/2014 | 12/10/2014 | 0.06 | Monthly | |
| 2014 | 10/29/2014 | 10/31/2014 | 11/12/2014 | 0.0501 | Monthly | |
| 2014 | 09/26/2014 | 09/30/2014 | 10/10/2014 | 0.0529 | Monthly | |
| 2014 | 08/27/2014 | 08/29/2014 | 09/11/2014 | 0.0529 | Monthly | |
| 2014 | 07/29/2014 | 07/31/2014 | 08/13/2014 | 0.0529 | Monthly | |
| 2014 | 06/26/2014 | 06/30/2014 | 07/11/2014 | 0.0532 | Monthly | |
| 2014 | 05/28/2014 | 05/30/2014 | 06/11/2014 | 0.0532 | Monthly | |
| 2014 | 04/28/2014 | 04/30/2014 | 05/12/2014 | 0.0532 | Monthly | |
| 2014 | 03/27/2014 | 03/31/2014 | 04/10/2014 | 0.059 | Monthly | |
| 2014 | 02/26/2014 | 02/28/2014 | 03/10/2014 | 0.059 | Monthly | |
| 2014 | 01/29/2014 | 01/31/2014 | 02/12/2014 | 0.059 | Monthly | |
| 2013 | 12/27/2013 | 12/31/2013 | 01/13/2014 | 0.1205 | Monthly | |
| 2013 | 11/27/2013 | 11/29/2013 | 12/11/2013 | 0.0542 | Monthly | |
| 2013 | 10/29/2013 | 10/31/2013 | 11/12/2013 | 0.0542 | Monthly | |
| 2013 | 09/26/2013 | 09/30/2013 | 10/10/2013 | 0.0522 | Monthly | |
| 2013 | 08/28/2013 | 08/30/2013 | 09/12/2013 | 0.0522 | Monthly | |
| 2013 | 07/29/2013 | 07/31/2013 | 08/13/2013 | 0.0522 | Monthly | |
| 2013 | 06/26/2013 | 06/28/2013 | 07/11/2013 | 0.0552 | Monthly | |
| 2013 | 05/29/2013 | 05/31/2013 | 06/12/2013 | 0.0552 | Monthly | |
| 2013 | 04/26/2013 | 04/30/2013 | 05/10/2013 | 0.0541 | Monthly | |
| 2013 | 03/26/2013 | 03/28/2013 | 04/10/2013 | 0.0554 | Monthly | |
| 2013 | 02/26/2013 | 02/28/2013 | 03/12/2013 | 0.0501 | Monthly | |
| 2013 | 01/29/2013 | 01/31/2013 | 02/12/2013 | 0.0523 | Monthly | |
| 2012 | 12/27/2012 | 12/31/2012 | 01/11/2013 | 0.0592 | 0.1208 | Monthly |
| 2012 | 11/28/2012 | 11/30/2012 | 12/12/2012 | 0.0592 | Monthly | |
| 2012 | 10/29/2012 | 10/31/2012 | 11/09/2012 | 0.0592 | Monthly | |
| 2012 | 09/26/2012 | 09/28/2012 | 10/11/2012 | 0.0595 | Monthly | |
| 2012 | 08/29/2012 | 08/31/2012 | 09/13/2012 | 0.0617 | Monthly | |
| 2012 | 07/27/2012 | 07/31/2012 | 08/13/2012 | 0.0615 | Monthly | |
| 2012 | 06/27/2012 | 06/29/2012 | 07/12/2012 | 0.0585 | Monthly | |
| 2012 | 05/29/2012 | 05/31/2012 | 06/12/2012 | 0.06 | Monthly | |
| 2012 | 04/26/2012 | 04/30/2012 | 05/10/2012 | 0.058 | Monthly | |
| 2012 | 03/28/2012 | 03/30/2012 | 04/12/2012 | 0.0895 | Monthly |
Holdings
Sector Allocation
As at July 31, 2022| Financials | 19.30% |
| Cash | 14.11% |
| Consumer Cyclical | 11.70% |
| Consumer Non Cyclical | 9.83% |
| Energy | 7.59% |
| Comms | 5.40% |
| Materials | 5.29% |
| Technology | 5.18% |
| Consumer Goods | 4.79% |
| Basic Materials | 4.41% |
| Government | 3.96% |
| Health Care | 3.70% |
| Industrial Services | 2.69% |
| Real Estate | 2.05% |
Credit Ratings
As at June 30, 2022| AAA | 9.97% |
| AA | 2.80% |
| BBB | 3.48% |
| BB | 25.98% |
| B | 24.97% |
| CCC | 0.98% |
| Unrated | 31.79% |
Geographic Exposure
As at July 31, 2022| United States | 79.62% |
| Canada | 20.41% |
Top 10 Holdings
As at July 31, 2022| Security Name | Weight |
|---|---|
| United States Treasury 2.88% 15-May-2032 | 4.10% |
| First Quantum Minerals Ltd 6.50% 01-Mar-2024 | 3.96% |
| American Airlines Inc 5.75% 20-Apr-2029 | 3.86% |
| CommScope Inc 6.00% 01-Mar-2026 | 3.84% |
| Delta Air Lines Inc 3.75% 28-Oct-2029 | 3.52% |
| Tenet Healthcare Corp 6.13% 01-Oct-2028 | 3.49% |
| Targa Resources Partners LP 5.00% 15-Jan-2028 | 2.96% |
| Teva Pharmaceuticl Fnce III BV 3.15% 01-Oct-2026 | 2.56% |
| Ford Motor Credit Co LLC 5.11% 03-Feb-2029 | 2.37% |
| Bausch Health Cos Inc 5.00% 15-Feb-2029 | 2.33% |
Documents
