HYLS vs SCYB: Grades, Fees and Holdings Compared

First Trust Tactical High Yield ETF

HYLSCNasdaq

Schwab High Yield Bond ETF

SCYBANYSE Arca

Overlap

0.0%by weight

Expense ratio

SCYB −0.66pt a year

HYLS0.69%SCYB0.03%

Avg volume · 30D

SCYB 4.8×the volume

HYLS235KSCYB1.13M

3Y return · a year

SCYB +0.6pt

HYLS+6.9%SCYB+7.5%

HYLS vs SCYB Performance

Nov 5, 2025 – Nov 5, 2026

+1.9%HYLS+2.5%SCYB

Expense ratio: HYLS 0.69%; SCYB 0.03%, better
Fund size: HYLS $1.62B; SCYB $2.74B
1Y total return: HYLS +1.9%; SCYB +2.5%, better
Yield (12M): HYLS 6.80%; SCYB 7.17%, better
Holdings: HYLS 362; SCYB 1839
Avg volume (30D): HYLS 235K sh; SCYB 1.13M sh, better
NAV per share: HYLS $39.85; SCYB $25.21
52W range

ETF.net Grade

Pillar letters and Scores for HYLS, SCYB, with each pillar’s weight
Pillar	HYLS	SCYB
Cost30% weight	F10	A100Higher
Mission25% weight	A87	A100Higher
Risk15% weight	C48	B58Higher
Tradability15% weight	A80Higher	A77
Holdings10% weight	B66	A100Higher
Durability5% weight	A85Higher	B68

Rank among US High Yield funds

How we build Categories ›

Same Category. HYLS and SCYB are both graded against the same 84 US High Yield funds, so their Grades compare head to head.

US High Yield⁠

Category · 84 funds

See all 84 ›

SCYB ranks 2nd and HYLS 51st of 84 funds in the US High Yield Category.

Rank 1ASPHYState Street SPDR Portfolio High Yield Bond ETFScore 90
Rank 2AHYLBXtrackers USD High Yield Corporate Bond ETFScore 88
Rank 2ASCYBSchwab High Yield Bond ETFScore 88
Rank 2AUSHYiShares Broad USD High Yield Corporate Bond ETFScore 88
Rank 50BGTOHInvesco Short Duration High Yield ETFScore 55
Rank 51CHYLSFirst Trust Tactical High Yield ETFScore 54
Rank 51BJHHYJohn Hancock High Yield ETFScore 54

Our read on each fund

ETF.net Research

HYLSCFirst Trust Tactical High Yield ETF

SCYBASchwab High Yield Bond ETF

In short

HYLS Most high yield ETFs buy the index and sit still. HYLS has been actively managed since 2013 and runs long and short bond positions at once, aiming at income first, appreciation second. That tactical wiring costs 0.69%, no fee waiver.

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

HYLS The Fund seeks current income and secondarily capital appreciation through active management. It normally invests at least 80% of net assets in below-investment-grade or comparably rated high-yield debt securities.

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

HYLS The short book is the whole point: under normal conditions HYLS holds long and short bond positions at once, a lever the index trackers in this category do not have.sec.gov
Income is the stated first job, appreciation second, with at least 80% of net assets in below-investment-grade debt and cash paid out monthly.
Trading since 2013 and now a multi-billion-dollar portfolio of roughly 400 bonds, it is a seasoned operation rather than a recent launch.
The portfolio matches the mandate on paper closely: a high yield book run the way the prospectus describes, with moderate day-to-day trading volume.

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

HYLS At 0.69% with no fee waiver it sits above the category median, while index rivals like SCYB (0.03%) and USHY (0.08%) cost a sliver of that. Active management is what you pay for.
Shorting and active positioning mean returns can diverge from the index in either direction, and below-investment-grade debt carries default risk.sec.gov
The monthly payout is a policy, not a coupon: the amount floats with the portfolio's income and the manager's positioning.

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 HYLS profile⁠

Full SCYB profile⁠

HYLS vs SCYB Holdings

How HYLS and SCYB differ

Overlap by weight

0.0%

Level by level

Asset classBonds, Stocks0.0%
Holdings0 in both0.0%
Countryby domicile93.6%
Sector1 Sector100%

Sector

Sector weights in HYLS and SCYB, widest gap first
Sector	More in HYLSMore in SCYB	Gap	HYLS	SCYB
Corporate		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in HYLS and SCYB, widest gap first
Country	Gap	HYLS	SCYB
United States	HYLS +5.4 points	91.3%	85.9%
Canada	SCYB +1.3 points	2.8%	4.1%
Japan	SCYB +1.3 points	0.0%	1.3%
Ireland	HYLS +0.7 points	1.2%	0.5%
Australia	SCYB +0.7 points	0.0%	0.7%
Bermuda	SCYB +0.6 points	0.5%	1.1%
Cayman Islands	SCYB +0.5 points	0.7%	1.2%
France	SCYB +0.5 points	0.6%	1.1%
Other countries (12)	SCYB +1.2 points	2.9%	4.1%

Concentration

Weight in the 10 largest Holdings

HYLS12.0%
SCYB3.5%

Securities held

HYLS359
SCYB1,839

Asset class

HYLS: Bonds
SCYB: Stocks

Holdings

Only in HYLS359
In both0
Only in SCYB1,839

Only in HYLS

359 securities, 97.3% of HYLS by weight

ROCKET COS INC 6.375%, due 08/01/20331.43%
1011778 BC / NEW RED FIN 4%, due 10/15/20301.37%
ONEDIGITAL BORROWER LLC Variable rate, due 07/02/20321.32%
CLOUD SOFTWARE GRP LLC 9%, due 09/30/20291.00%
ECHOSTAR CORP 10.75%, due 11/30/20290.93%
TRANSDIGM INC 6.375%, due 05/31/20330.86%
YUM! BRANDS INC 5.375%, due 04/01/20320.86%
ALLIANT HOLD / CO-ISSUER 6.75%, due 04/15/20280.84%
SHIFT4 PAYMENTS LLC/FIN 6.75%, due 08/15/20320.84%
AMWINS GROUP INC 4.875%, due 06/30/20290.79%
TALEN ENERGY SUPPLY LLC 6.375%, due 05/01/20330.78%
VENTURE GLOBAL PLAQUEMINES LNG LLC 7.75%, due 05/01/20350.75%
SIRIUS XM RADIO LLC 4%, due 07/15/20280.73%
QUIKRETE HOLDINGS INC 6.75%, due 03/01/20330.72%
NEPTUNE BIDCO US INC 9.29%, due 04/15/20290.72%
RAVEN ACQUISITION HOLDINGS 6.875%, due 11/15/20310.72%
SPACE EXPLORATION TECH 5.35%, due 07/15/20310.70%
CCO HLDGS LLC/CAP CORP 7.375%, due 03/03/20310.67%
ALPHA GENERATION LLC 6.25%, due 01/15/20340.65%
BALDWIN INSUR GRP/FIN 7.125%, due 05/15/20310.63%
NEXSTAR MEDIA INC 4.75%, due 11/01/20280.63%
LEIA FINCO US LLC Variable rate, due 10/09/20320.62%
TENET HEALTHCARE CORP 6.75%, due 05/15/20310.60%
SURGERY CENTER HOLDINGS 7.25%, due 04/15/20320.60%
RB GLOBAL HOLDINGS INC 7.75%, due 03/15/20310.60%
WESCO DISTRIBUTION INC 6.375%, due 03/15/20330.59%
ATHENAHEALTH GROUP INC 6.50%, due 02/15/20300.58%
MEDLINE BORROWER LP 5.25%, due 10/01/20290.58%
FIRSTCASH INC 6.875%, due 03/01/20320.57%
HILTON DOMESTIC OPERATING 5.50%, due 09/15/20310.55%
US FOODS INC 5.75%, due 04/15/20330.55%
MADISON IAQ LLC 5.875%, due 06/30/20290.55%
THE BRINK'S CO 6.75%, due 06/15/20320.52%
UNITED RENTALS (NORTH AMERICA) 5.375%, due 11/15/20330.52%
PERFORMANCE FOOD GROUP INC 5.625%, due 03/01/20340.51%
SINCLAIR TELEVISION GROUP 8.125%, due 02/15/20330.51%
US FOODS INC 7.25%, due 01/15/20320.51%
VIKING CRUISES LTD 5.875%, due 10/15/20330.50%
OSAIC HOLDINGS INC 6.75%, due 08/01/20320.50%
PARAMOUNT GLOBAL 3.70%, due 06/01/20280.50%
CLARIOS GLOBAL LP/US FIN 6.75%, due 02/15/20300.50%
NRG ENERGY INC 6%, due 01/15/20360.50%
PENNYMAC FIN SVCS INC 6.75%, due 02/15/20340.50%
MATTAMY GROUP CORP 6%, due 12/15/20330.49%
FAIR ISAAC CORP 6%, due 05/15/20330.49%
POST HOLDINGS INC 6.25%, due 02/15/20320.49%
MOLINA HEALTHCARE INC 6.25%, due 01/15/20330.49%
VIKING OCEAN CRUISES SHIP VII LTD 5.625%, due 02/15/20290.49%
AHP HEALTH PARTNERS INC 5.75%, due 07/15/20290.49%
SCIH SALT HOLDINGS INC 6.625%, due 08/15/20310.48%

Only in SCYB

1,839 securities, 100% of SCYB by weight

Ssc Government Mm Gvmxx0.63%
1261229 B.c. Ltd. 10.00% 04/15/2032 (BBG01SXN7B44)0.44%
Paramount Skydance Corp 8.25% 10/15/2031 (BBG025HXFVH2)0.41%
Meridian Arc Holdco Llc 6.25% 04/30/2031 (BBG021N2KYD4)0.34%
Softbank Group Corp 9.25% 04/01/2032 (BBG025B7PLB2)0.31%
Softbank Group Corp 9.75% 04/01/2034 (BBG025B5VM54)0.31%
Paramount Skydance Corp 8.88% 10/15/2034 (BBG025HXHQ09)0.28%
Picard Midco Inc 6.50% 03/31/2029 (BBG019LX2T70)0.27%
Pr Rno Property Owner 1 Llc 6.50% 05/01/2031 (BBG021YPZPP1)0.27%
Quikrete Holdings Inc 6.38% 03/01/2032 (BBG01S19FXV3)0.26%
Cloud Software Group Inc 9.00% 09/30/2029 (BBG01G4F7QQ2)0.25%
Echostar Corp 10.75% 11/30/2029 (BBG01QRKXMB0)0.23%
Nexstar Media Inc 6.50% 09/15/2033 (BBG02154SVJ2)0.23%
Galaxy Digital Holdings Ltd 9.88% 08/01/2031 (BBG023X2YYQ0)0.23%
Sv Rno Property Owner 1 Llc 5.88% 03/01/2031 (BBG0208VTN17)0.22%
Venture Global Lng Inc 9.50% 02/01/2029 (BBG01JRWR409)0.22%
Centene Corporation 4.63% 12/15/2029 (BBG00T5K2GV4)0.22%
Asurion Llc 8.00% 12/31/2032 (BBG01YYNGVM6)0.22%
Oak Eagle Acquireco Inc 7.25% 07/01/2033 (BBG0216YVDJ1)0.21%
Wulf Compute Llc 7.75% 10/15/2030 (BBG01XWZ1957)0.20%
Core Scientific Finance I Llc 7.75% 05/15/2031 (BBG021TW11L6)0.20%
Panther Escrow Issuer Llc 7.13% 06/01/2031 (BBG01M46NGP4)0.19%
Skydance Corp 5.05% 03/15/2042 (BBG025PYMZH4)0.19%
Cco Holdings Llc 5.00% 02/01/2028 (BBG00HCXTNX8)0.19%
Mozart Debt Merger Sub Inc 5.25% 10/01/2029 (BBG012QCFXV6)0.19%
Hub International Ltd 7.25% 06/15/2030 (BBG01GY3KTY6)0.18%
Emerald Debt Merger Sub Llc 6.63% 12/15/2030 (BBG01GJ0S1M5)0.18%
Carrix Inc 6.13% 08/01/2033 (BBG023NH2ZJ8)0.18%
Oak Eagle Acquireco Inc 8.75% 07/01/2034 (BBG0216YVF42)0.18%
Transdigm Inc 6.63% 03/01/2032 (BBG01LG68K26)0.18%
Dish Dbs Corp 5.75% 12/01/2028 (BBG013F8PFJ7)0.18%
Asurion Llc 8.38% 02/01/2034 (BBG01ZT0J7N8)0.17%
Neptune Bidco Us Inc 9.29% 04/15/2029 (BBG01BCJPPT5)0.17%
Cco Holdings Llc 4.75% 03/01/2030 (BBG00Q9KZKK3)0.17%
Transdigm Inc 6.38% 03/01/2029 (BBG01LG68JB9)0.17%
Transdigm 6.75% 01/31/2035 (BBG02534RLY1)0.17%
Mauser Packaging Solutions Holding 7.88% 04/15/2030 (BBG01YQ74FS2)0.17%
Cco Holdings Llc 4.50% 05/01/2032 (BBG01016YSJ4)0.17%
Transdigm Inc 6.38% 05/31/2033 (BBG01TYXN2R6)0.17%
Cco Holdings Llc 4.25% 02/01/2031 (BBG00VXBDRR7)0.17%
Cco Holdings Llc 4.50% 08/15/2030 (BBG00RMHNL33)0.16%
Davita Inc 4.63% 06/01/2030 (BBG00V30XND6)0.16%
Skydance Corp 4.90% 03/15/2032 (BBG025PYJ8J6)0.16%
Coreweave Inc 9.75% 10/01/2031 (BBG021JWL723)0.16%
Level 3 Financing Inc 7.00% 03/31/2034 (BBG01WHX5GT5)0.16%
Connect Finco Sarl 9.00% 09/15/2029 (BBG01PNMWYR0)0.16%
Ukg Inc 6.88% 02/01/2031 (BBG01L81BM19)0.16%
Staples Inc 10.75% 09/01/2029 (BBG01MZLYJL3)0.16%
Venture Global Lng Inc 8.38% 06/01/2031 (BBG01GNYBL31)0.16%
Nrg Energy Inc 6.00% 01/15/2036 (BBG01XK0QB82)0.16%

Weight gaps

HYLS and SCYB share no securities.

All 361 HYLS holdings⁠All 1,839 SCYB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HYLS vs SCYB Cost

Overpaying HYLS vs SCYB

$12,791

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

HYLS 0.69%
$13,429
SCYB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

HYLS 0.69%
SCYB 0.03%
Overpaying

Year by year

Year	HYLS	SCYB	Overpaying
10	$1,232	$55	$1,177
20	$4,697	$216	$4,481
30	$13,429	$638	$12,791

Expense ratio

0.69%HYLS
0.03%SCYB, cheaper

SCYB0.03%HYLS0.69%

0.03%1.24%

Middle half of US High Yield funds
Median 0.42%

SCYB cheapest of 84 funds

HYLS 76th cheapest of 84 funds

HYLS vs SCYB Dividends

Last 12 months to Nov 5, 2026

Yield (12M): HYLS 6.80%; SCYB 7.17%, better
Payout (12M): HYLS $2.71; SCYB $1.81
Last payment: HYLS $0.22; SCYB $0.16
Ex-dividend: HYLS Oct 21, 2026; SCYB Nov 2, 2026
Paid on: HYLS Oct 30, 2026; SCYB Pays Nov 6, 2026
Frequency: HYLS Monthly; SCYB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYLSMonthly · 46 paymentsAll HYLS payments⁠

SCYBMonthly · 39 paymentsAll SCYB payments⁠

HYLS vs SCYB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HYLS 5.0%SCYB 4.6%, better
Return per unit of riskSharpe ratio, 3 years: HYLS 0.67SCYB 0.82, better
Worst fallMax drawdown, 5 years: HYLS −15.8%SCYB −4.9%since Jul 2023
Market sensitivityBeta, 5 years: HYLS 0.67SCYB 0.28; Market = 1

HYLS and SCYB in the news

All news⁠

First-Year Review
Nuveen's high-yield ETF turns one at $1.77 billion. Coupons delivered 3.7%
Sep 23, 2026SCYB

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HYLS vs SCYB

In short

Stated mandate

Why people hold it

Worth knowing

How HYLS and SCYB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYLS

Only in SCYB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Nuveen's high-yield ETF turns one at $1.77 billion. Coupons delivered 3.7%

How HYLS and SCYB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYLS

Only in SCYB

Weight gaps