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BlackRock's active offering, BRHY, has closely mirrored its passive peer HYG since its mid-2024 inception, effectively acting as a "closet indexer" by tracking the broad market rather than generating outperformance. Contrary to what investors should expect from an active mandate, BRHY has actually exhibited slightly worse peak-to-trough drawdowns than the passive index. Broad U.S. high-yield credit spreads sit at a historically tight 271 bps, leaving investors with an asymmetric risk profile.
iShares High Yield Active ETF (NASDAQ: BRHY - Get Free Report) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 7,738 shares, an increase of 69.5% from the December 15th total of 4,564 shares. Approximately 0.5% of the shares of the company are short
Fixed income ETFs continue to gain traction globally. As of August 2024, the asset category managed $2.5 trillion in assets, with iShares managing $1 trillion alone.
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Transcripts source: company-published earnings calls. Speaker attribution and formatting are processed in-app.