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Launched

Infrastructure Capital Bond Income ETF

BNDSNYSE ArcaInfraCapD

$47.05−0.22 (−0.47%)

As of Nov 10, 2026, 11:21 AM ET

D35/ 100

Rank 69 of 85 in US High Yield

D35/100Rank 69 of 85inUS High Yield
Intraday session: down, 23 prints from 47.27 to 47.05. Range 47.05 to 47.17. Use the arrow keys to read each point.47.1047.1547.2010 AM12 PM2 PM4 PM
Expense ratio
0.88%
Fund size
$86M
1Y total return
+1.8%
Yield · Last 12 months
8.62%
Holdings
87
Avg volume · 30D
28K sh
52W range
low $46.89high $52.01
Launched

The ETF.net BNDS Grade

D

Score 35 out of 100

Category
US High Yield⁠
Rank
69 of 85
Six-pillar profile for BNDS. Scores out of 100: Cost 2, Risk 25, Mission 71, Tradability 57, Holdings 36, Durability 36. Strongest: Mission (71). Weakest: Cost (2). Leans toward Mission.

Score 35 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F2 out of 100
    Rank 83 of 85

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A71 out of 100
    Rank 61 of 77

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D25 out of 100
    Rank 78 of 85

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 29 of 85

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D36 out of 100
    Rank 66 of 85

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D36 out of 100
    Rank 67 of 85

Our read on BNDS

ETF.net Research

In short

DMost high yield bond ETFs track an index for pennies. BNDS goes the other way: active picks in undervalued corporate bonds, a preferred stock sleeve, and covered calls written on liquid bond ETFs, paid out monthly, for 0.88%.

Stated mandate

The Fund seeks to maximize current income while also pursuing opportunities for capital appreciation.

Why people hold it

  • The real differentiator: BNDS buys liquid bond ETFs with established options markets and writes covered calls on them, turning volatility into a second income stream alongside coupons.infracapfunds.comsec.gov
  • Unconstrained by design: at least 80% in fixed income with an emphasis on corporates, but free to roam municipals, governments, credit qualities and maturities.
  • Current income is the stated first objective, capital appreciation the second, and the cash goes out monthly rather than quarterly.
  • Run by InfraCap founder Jay Hatfield, who also manages the firm's preferred stock and MLP income funds and has spent close to three decades in credit and income investing.infracapfunds.combusinesswire.com

Worth knowing

  • At 0.88% with no waiver trimming it, the fee sits above the category median and well above index trackers like SCYB at 0.03% or USHY at 0.08% doing the plain vanilla job.
  • Covered calls cap how far the positions they are written against can run, and the fund uses a modest amount of leverage, which magnifies moves in both directions.infracapfunds.comsec.gov
  • Launched in January 2025, so the track record is short, and it trades lighter than the category's index giants, which can mean wider bid-ask spreads at the moment of trade.

BNDS Holdings

Holdings pillarD36 out of 100Rank 66 of 85 in US High Yield
Asset class
Bonds
Holdings
87
Top-10 weight
32%
Largest holding
163851AJ73.4%

Sectors

  • Energy83.3%
  • Technology16.7%

Geography

  • United States97.37%
  • United Kingdom2.63%
The fund’s holdings, weight-ordered — page 1 of 6.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1163851AJ7Chemours Co/The 8% 01/15/20333.45%3,140,000$2.97M19
244965UAA2ILFC E-Capital Trust II 7.09% 12/21/20653.43%3,306,000$2.95M2
364828TAB8Rithm Capital Corp 8% 04/01/20293.43%2,965,000$2.95M10
405614HAA7BW Real Estate Inc 9.5% 06/30/21753.43%2,998,000$2.95M2
5161175BC7Charter Communications Operating LLC / Charter Communications Operating Capital 6.834% 10/23/20553.32%3,364,000$2.85M6
692332YAF8Venture Global LNG Inc 9% 03/30/21753.24%2,855,000$2.79M10
786765KAE9Sunoco LP 7.875% 03/18/21753.13%2,629,000$2.7M16
845344LAE3Crescent Energy Finance LLC 7.375% 01/15/20332.84%2,429,000$2.44M13
937185LAQ5Genesis Energy LP / Genesis Energy Finance Corp 7.875% 05/15/20322.81%2,363,000$2.42M15
10651229AY2Newell Brands Inc 7.5% 04/01/20462.81%2,636,000$2.41M11
1178397DAC2SBL Holdings Inc 6.5% 11/13/21742.80%2,623,000$2.41M6
1203881NAJ6Arbor Realty SR Inc 7.875% 07/15/20302.74%2,959,000$2.36M9
1392857WBX7Vodafone Group PLC 5.125% 06/04/20812.69%3,305,000$2.31M11
1421873SAG3CoreWeave Inc 9.75% 10/01/20312.49%2,763,000$2.14M22
1569352PAC7PPL Capital Funding Inc 7.0012% 03/30/20672.44%2,109,000$2.1M3

Showing 1–15 of 87 holdings

BNDS Performance

Launched Jan 15, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
BNDS$10,180
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. BNDS $10,180. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BNDS. Periods over one year show the average yearly return.
PeriodBNDS
Year to date+0.6%
1 month−1.4%
3 months−3.9%
1 year+1.8%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BNDS
YearReturn barBNDS
2026 YTD+0.6%
2025+8.3%

Since listing, Jan 15, 2025

BNDS in the news

BNDS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 9, 2026.
8.62%Last 12 months
Payout per share
$4.08Last 12 months
Last payment
$0.34 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2025–2026

One bar per payment. 22 payments from 2025 to 2026 YTD. Jan 30, 2025 $0.33; Feb 27, 2025 $0.33; Mar 28, 2025 $0.33; Apr 29, 2025 $0.33; May 29, 2025 $0.33; Jun 27, 2025 $0.33; Jul 30, 2025 $0.33; Aug 28, 2025 $0.33; Sep 29, 2025 $0.33; Oct 30, 2025 $0.33; Nov 26, 2025 $0.33; Dec 30, 2025 $0.34; Jan 29, 2026 $0.34; Feb 26, 2026 $0.34; Mar 30, 2026 $0.34; Apr 29, 2026 $0.34; May 28, 2026 $0.34; Jun 29, 2026 $0.34; Jul 30, 2026 $0.34; Aug 27, 2026 $0.34; Sep 29, 2026 $0.34; Oct 29, 2026 $0.34. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 29, 2026Oct 30, 2026$0.34
Sep 29, 2026Sep 30, 2026$0.34
Aug 27, 2026Aug 28, 2026$0.34
Jul 30, 2026Jul 31, 2026$0.34
Jun 29, 2026Jun 30, 2026$0.34
May 28, 2026May 29, 2026$0.34
Apr 29, 2026Apr 30, 2026$0.34
Mar 30, 2026Mar 31, 2026$0.34
Feb 26, 2026Feb 27, 2026$0.34
Jan 29, 2026Jan 30, 2026$0.34
Dec 30, 2025Dec 31, 2025$0.34
Nov 26, 2025Nov 28, 2025$0.33

See all 22 payments⁠

$10,000 in BNDS 1 year ago paid $806 in dividends.⁠

BNDS Risk

Risk pillarD25 out of 100Rank 78 of 85 in US High Yield
How much the fund’s monthly returns vary, scaled to a year.
6.1%
Annualised · 21 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.04
vs 3-month T-bills · 21 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−7.0%
21 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.31
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BNDS Cost

Compare BNDS and SCYB

Overpaying vs SCYB, cheapest in US High Yield

$16,067

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BNDS 0.88%

    $16,705

  • SCYB 0.03% Cheapest

    $638

$10,000
30 years

Cost over time

  • BNDS 0.88%
  • SCYB 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BNDS $16,705SCYB $638

Year by year

YearBNDSSCYBOverpaying
10$1,559$55$1,504
20$5,891$216$5,675
30$16,705$638$16,067

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