HYS is structured to balance income, liquidity quality, duration exposure, and credit sensitivity inside a more defensive yield framework.
The aim is not maximum yield at any cost — it is a carry-oriented structure with explicit guardrails around liquidity, duration exposure, and credit sensitivity.
The allocations shown on this page illustrate a reference implementation of the framework and are provided for research transparency rather than as portfolio recommendations.
Dividend Yield (TTM)
3.70%
Expense Ratio
0.06%
Data as of Market Close
Apr 03, 2026
Cash ReservesTerms & TIPSStrategy Preferreds
Data context
Dividend Yield reflects trailing-twelve-month distributions as reported by the source.
Expense Ratio is shown for context and is not arithmetically netted against distribution yield.
Holdings are refreshed from the published snapshot used by this page.
Portfolio Structure
HYS separates liquidity reserves, Treasury/TIPS duration, and higher-carry preferred sleeves so yield, stability, inflation resilience, and credit sensitivity can be managed more explicitly.
Cash Reserves
Liquidity, floating-rate carry, and low-volatility stability.
Treasury duration and inflation-linked ballast inside a conservative rate sleeve.
Weight
20.00%
Sleeve IntentTreasuriesTIPSDurationInflation
Strategy Preferreds
Supplemental yield sleeve with tighter drawdown and liquidity guardrails.
Weight
10.00%
Sleeve IntentPreferredsCarryIncomeRisk Controls
Risk Profile Variations
These examples illustrate how the framework could be expressed under different risk preferences and are provided for research comparison rather than as recommendations.
Optional, like-for-like substitutions that adjust HYS across credit sensitivity and duration sensitivity without changing the overall sleeve design.
HYS Adjustable Baseline
More Defensive Liquidity Tilt
Shift exposure toward Treasury-backed instruments and away from credit spread exposure.
Higer Quality / Lower Spreads
Credit sleeve:ICLO→SCHO
Reduces structured credit exposure and shifts toward short Treasuries.
Cash-plus sleeve:JPST→TFLO
Removes spread exposure and increases floating-rate Treasury quality.
Complexity:STRC→TFLO
Simplifies risk by replacing a specialized income sleeve with Treasury ballast.
This tilt generally lowers spread sensitivity and emphasizes liquidity quality over carry.
Higher Carry Tilt
Increase carry exposure by leaning more into credit spread instruments.
More Carry
Treasury sleeve:SCHO→JPST
Replaces short Treasuries with ultra-short investment-grade credit exposure.
Credit sleeve:SCHO→ICLO
Adds structured credit exposure with greater spread and liquidity sensitivity.
This variation can raise expected carry, but typically increases stress sensitivity when spreads widen.
Duration dial: SCHR → SCHO to shorten interest-rate sensitivity, or SCHO → SCHR to lengthen it while staying inside Treasury exposure.
Ultra Short investment grade bond ETF — Diversifies cash carry with high-quality, short duration credit while historically associated with lower volatility and high liquidity
Short Term U.S. Treasury ETF (1–3 year) — High quality duration anchor for stability; provides rate exposure with historically lower volatility than equities.
Ultra Short investment grade bond ETF — Diversifies cash carry with high-quality, short duration credit while historically associated with lower volatility and high liquidity
Short Term U.S. Treasury ETF (1–3 year) — High quality duration anchor for stability; provides rate exposure with historically lower volatility than equities.
Intermediate Term U.S. Treasury ETF — Adds diversified Treasury duration for risk-off ballast; sized conservatively to avoid excess drawdown when yields rise.
Intermediate Term U.S. Treasury ETF — Adds diversified Treasury duration for risk-off ballast; sized conservatively to avoid excess drawdown when yields rise.
Strategy Series C Preferred — Dedicated income sleeve diversifier; sized conservatively to limit its influence if equity-like behavior occurs during stress periods.
Strategy Series C Preferred — Dedicated income sleeve diversifier; sized conservatively to limit its influence if equity-like behavior occurs during stress periods.
100.00%
10.00%
$100.00
11.50%
n/a
41.41B
4/15/2026
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Data sourced from StockAnalysis. Values are refreshed daily before market open and reflected in the published snapshot used by this page.
