AB High Yield ETF (HYFI)
Formerly: AB High Yield Portfolio
Daily Nav
$37.44
As of 09/02/2025Nav Change
$-0.28 (-0.75%)
Market Price
$37.52
YTD Return
6.21%
Ticker
HYFI
Morningstar
Overall Morningstar Rating as of July 31, 2025 rated among 606 Funds funds in the US Fund High Yield Bond based on risk adjusted total return
As of 07/31/2025
Overview
An actively-managed US high-yield bond ETF that seeks to deliver a high level of income
About this Fund
- Seeks to provide income by emphasizing three pillars: security selection, dynamic beta management and a disciplined investment process
- Disciplined investment process that combines quant and fundamental research, as well as both top-down and bottom-up analysis
- Beta management is emphasized to capture upside alpha and reduce downside risk
Investment Approach
- Primarily invests in US high-yield corporate bonds
Why Invest in this High Yield ETF?
- Tap into Higher Potential Income: High-yield bonds may offer a significant opportunity for yield relative to other asset classes by offering higher interest rates than investment grade corporate and government bonds.
- Diversify your portfolio: High Yield bonds behave differently than stocks and other fixed income securities. Including high yield in traditional balanced equity and fixed income portfolios has a track record of improved risk-adjusted returns. 1
- Win by not losing: Empirical evidence shows that high-yield performance is driven more by avoiding underperforming credits than increasing exposure to the outperforming credits. HYFI’s active approach seeks to avoid defaults and downgrades. By avoiding these credits, active management seeks to improve returns and reduce volatility. Passive strategies on the other hand do not have as much discretion in what they hold, leaving them more vulnerable to poor performing bonds.
- Embrace Active in High Yield: AB’s active approach allows us to play offense and defense in a volatile environment, adjusting levers such as duration, credit quality, and industry or sector weights. Meanwhile, passive funds are designed to track an index without regard for unintended risks. By combining fundamental and quantitative analysis, the process is designed to identify the right bonds and avoid the wrong bonds.
1 Portfolio returns from January 1990 to December 2024 show risk-adjusted return for equities as 0.71, bonds as 0.78, and high yield as 0.90. Past performance does not guarantee future results. Equities are represented by the S&P 500; bonds are represented by the Bloomberg Global-Aggregate Total Return Index; high yield are represented by the Bloomberg US High Yield Index 2% Constrained. Bloomberg Global-Aggregate Total Return Index was incepted on January 1, 1990. Source: Bloomberg, S&P and AB
Stay informed on Active High-Yield Investing
Key Facts
Assets in Millions
$250.43
As of 09/03/2025Ticker
HYFI
Inception Date
05/20/2005
Listed Date
05/15/2023
Morningstar Category
US Fund High Yield Bond
Lipper Classification
High Yield Funds
As of 06/30/2025Benchmark(s)
Bloomberg US High Yield 2% Issuer Cap
Cusip
00039J608
Exchange
NYSE
Closing Market Price
$37.52
As of 09/02/202530 Day Median Bid/Ask Spread
0.16%
As of 09/02/2025Premium Discount
0.22%
As of 09/02/202530 Day Average Daily Volume
40,542
As of 09/02/2025
Fees & Expenses
As of 03/31/2025
Expense Ratio
0.40%
The 30-day median bid/ask spread represents the NBBO (national best bid and best offer) at the end of each 10 second interval of each trading day during the last 30 calendar days (i.e., 9:30:00 to 9:30:09AM EST all the way through 3:59:50 to 3:59:59PM EST) for the ETF. The spread of each NBBO (difference between the bid and ask) is divided by the midpoint of the NBBO (average of the bid and ask). The median of those values over the trailing 30 calendar days is shown as a percentage. Fund shares commenced trading on 05/15/2023. Until the time the Fund has been active for 30 days, Median Bid/Ask Spread will reflect rolling data for the number of days the Fund has been active.
Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the Fund in creation units. Brokerage commissions will reduce returns.
Market Price is the official closing price as of the end of the prior business day from the primary listing exchange.
Meet the Team
At AB
Experience
Fixed Income
Head of ETF Specialists, Brett Sheely, discusses the strategy for HYFI, AB's first mutual fund to active ETF conversion.
Some investors may be waiting for low spreads on high-yield bonds to widen before they invest. But investors who remain on the sidelines could be passing up attractive income and return potential.
An active strategy may be the way to tap opportunity in US high yield while avoiding key issues with passive investing: downside risk, inefficient benchmarks and inflexible—often costlier—trading.
Pricing & Performance
The performance shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.
Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. Please read the prospectus and/or summary prospectus carefully before investing.
Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.
Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit our Literature Center or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
The net asset value (NAV) price is the value of one share of the Portfolio as of the date listed. The NAV does not take into account any initial sales charges that may apply when shares are purchased or redemption charges when shares are sold; if these sales charges were reflected, the Portfolio’s quoted performance would be lower. The NAV change is the change in value of one share of the Portfolio from the prior day’s value.
Total Returns
Daily Pricing
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| NAV | Change ($) | Change (%) | Market Price ($) | YTD NAV High/Date | YTD NAV Low/Date |
|---|---|---|---|---|---|
| 37.44 | -0.28 | -0.75 | 37.52 | 37.72 (08/29/2025) | 35.51 (04/07/2025) |
Cumulative Return (%)
| MTD | YTD |
|---|---|
| -0.24 | 6.21 |
Annual Performance
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Premium/Discount
| Number of Days At | 2024 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|---|
| Premium | 239 | 57 | 56 | 42 | -- |
| NAV | -- | -- | -- | -- | -- |
| Discount | 13 | 3 | 6 | 2 | -- |
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Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares. Before investing, consider the funds’ investment objectives, risks, charges and expenses. Review the prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.
Premium or discount is the positive or negative difference between the market price of an ETF share and the ETF’s current NAV per share, expressed as a percentage of the ETF’s current NAV per share. Fund shares commenced trading on 05/15/2023. Premium/Discount data will be available following the first calendar quarter of the Fund’s initial operations.
NAV History
Last Updated 09/02/2025
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Peer Comparison
Morningstar Ratings
Last Updated 07/31/2025
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| US Fund High Yield Bond | Overall | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Rating | -- | |||
| Investments In Category | 606 | 606 | 577 | -- |
Based on Risk-Adjusted Returns
© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The star rating is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10.0% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35.0% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10.0% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36–59 months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating perio.
Lipper Rankings
Last Updated 06/30/2025
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| High Yield Funds | 1Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Quartile Rank | 1 | 2 | 1 | |
| Funds Rank In Category | 120/485 | 154/459 | 98/419 |
Based on Total Returns
Lipper ratings are based on total returns at net asset value, without the imposition of a sales charge, which would reduce total return figures. Funds in the Lipper category generally have similar investment objectives for the funds, although some may have different investment policies.
Yields & Distributions
Distribution Rate
6.26
As of 09/02/202530 Day SEC Yield
6.63
As of 07/31/2025Unsubsidized 30 Day SEC Yield
6.63
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| Distributions | Ex Date | Payable Date | Amount | Reinvest Price |
|---|---|---|---|---|
| Dividend | 09/02/2025 | 09/05/2025 | 0.1952 | 37.44 |
| Dividend | 08/01/2025 | 08/06/2025 | 0.1899 | 37.28 |
| Dividend | 07/01/2025 | 07/07/2025 | 0.2124 | 37.25 |
| Dividend | 06/02/2025 | 06/05/2025 | 0.2283 | 36.77 |
| Dividend | 05/01/2025 | 05/06/2025 | 0.2288 | 36.43 |
| Dividend | 04/01/2025 | 04/04/2025 | 0.2248 | 36.55 |
| Dividend | 03/03/2025 | 03/06/2025 | 0.1964 | 37.19 |
| Dividend | 02/03/2025 | 02/06/2025 | 0.1628 | 37.07 |
| Dividend | 12/30/2024 | 01/02/2025 | 0.2095 | 36.83 |
| Dividend | 12/02/2024 | 12/05/2024 | 0.1982 | 37.17 |
The reinvest price is the net asset value (NAV) price. The NAV price is the value of one share of the Fund as of the Ex Date. The NAV does not take into account any sales charges that may apply when shares are purchased or redeemed.
Distribution rate is calculated on a 30-day rolling basis by annualizing the average of the dividends distributed over the most recent 30-day period and dividing that figure by the current NAV. The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period, expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect. The distribution yield calculation does not include long-term or short-term capital gains distributions.
Holdings & Characteristics
See the most recent fact sheet, shareholder report or prospectus for portfolio holdings and characteristics.
Complete Portfolio Holdings
Holdings and characteristics shown include underlying investments of pooled vehicles. Holdings are subject to change without notice.
The Fund’s/Portfolio’s holdings (including derivatives) are expressed as a percentage of total investments and may vary over time. They are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.
Literature
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Additional Information
AB High Yield ETF (HYFI) FAQs
Risks To Consider
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Investing in ETFs involves risk and there is no guarantee of principal.
Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit our Literature Center or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
Shares of the ETF may be bought or sold throughout the day at their market price on the exchange on which they are listed. The market price of an ETF's shares may be at, above or below the ETF’s net asset value ("NAV") and will fluctuate with changes in the NAV as well as supply and demand in the market for the shares. Shares of the ETF may only be redeemed directly with the ETF at NAV by Authorized Participants, in very large creation units. There can be no guarantee that an active trading market for the Fund’s shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling the Fund’s shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.
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Below Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (a/k/a junk bonds) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.
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Credit Risk: A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered, and the bond’s value may decline.
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Derivatives Risk: Derivatives may be more sensitive to changes in market conditions and may amplify risks.
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Foreign (Non-U.S.) Investment Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory, or other factors.
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Inflation Risk: Prices for goods and services tend to rise over time, which may erode the purchasing power of investments.
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Investment Securities Risk: To the extent the Fund invests in other funds, shareholders will bear to layers of asset-based expenses, which could reduce returns.
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Leverage Risk: To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates, and any increase or decrease in the value of the Fund’s investments.
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Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.
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AllianceBernstein L.P. (AB) is the investment Advisor for the Fund. -
Distributed by Foreside Fund Services, LLC. Foreside is not affiliated with AllianceBernstein.
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Prior to close of business on 5/12/2023, the Fund operated as an open-end mutual fund. The Fund has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund. The NAV returns include returns of the Advisor Share Class of the predecessor mutual fund prior to the Fund’s commencement of operations. Performance for the Fund’s Shares has not been adjusted to reflect the Fund’s Shares’ lower expenses than those of the predecessor mutual fund’s Advisor Share Class. Had the predecessor fund been structured as an exchange-traded fund, its performance may have differed. Please refer to the current prospectus for further information. Performance prior to 7/27/16 reflects AB High Yield Portfolio, a series of the AB Pooling Portfolios that was reorganized into the Fund and is the surviving entity in the reorganization. Performance for those periods would have been lower if such accounting survivor had operated at the Fund’s current expense levels. Prior to 4/30/21, the Fund was called AB FlexFee High Yield Portfolio. Data prior to 4/30/21 relates to AB FlexFee High Yield Portfolio.
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