CPHY vs SCYB

CPHYCF/m Compoundr High Yield Bond ETF

SCYBASchwab High Yield Bond ETF

In short

CPHY A 2025 arrival in a crowded aisle: CPHY tracks a Nasdaq-built Compoundr index of US high-yield corporate bonds for 0.35%, cheaper than the typical junk-bond ETF but priced above the category's index giants.

SCYB Three basis points for the broad US high-yield corporate market. Schwab undercuts a category where the typical fund charges more than ten times as much, spreading the bet across roughly 1,800 bonds and paying monthly.

Stated mandate

CPHY The Fund seeks to track the Nasdaq Compoundr High-Yield Corporate Bond Index before fees and expenses through a primarily high-yield-bond investment strategy.

SCYB The fund follows a rules-based strategy intended to track the high-yield bond market, primarily through bonds in the Bloomberg Barclays US Corporate High Yield Total Return Index and similar derivatives.

Why people hold it

• CPHY Costs 0.35% a year, under the 0.40% median for high-yield bond ETFs, so a bit more of the coupon stays in the fund.
• Rules-based by design: it follows the Nasdaq Compoundr High-Yield Corporate Bond Index, and the portfolio has stayed tight to that stated mandate.
• Simple plumbing: a standard 1940 Act US bond ETF. No leverage, no options overlay, no partnership tax paperwork.

• SCYB 0.03% a year against a category median of 0.40%. Even the cheap rivals sit above it: SPHY at 0.05%, USHY at 0.08%.
• Tracks the same Bloomberg US Corporate High Yield index as BKHY, which charges 0.22%. Same map, cheaper toll.
• Roughly 1,800 bonds, so no single issuer's blowup drives the outcome. Rules-based and passive, and it has hugged its index closely.
• A multi-billion-dollar fund that trades actively and pays monthly, which matters in a corner of the market where getting out cheaply is half the job.

Worth knowing

• CPHY The big index rivals cost far less (SCYB at 0.03%, SPHY at 0.05%), so the fee edge holds against the category's middle, not its leaders.
• Launched in August 2025, so the live record is short, and below-investment-grade bonds can fall hard when credit spreads widen.
• It trades lightly next to the category's heavyweights, which makes bid/ask spreads and order type more consequential.

• SCYB High yield means below-investment-grade credit. These bonds behave more like stocks than Treasuries when the economy sours, and the extra income is the payment for that risk.
• Launched in 2023, so it has a shorter record than rivals that have traded through more credit cycles.
• The strategy can hold derivatives alongside the bonds themselves to track the index, one layer beyond plain bond ownership.

Full CPHY profile⁠

Full SCYB profile⁠