TCW High Yield Bond ETF (HYBX) Stock Price, Quote, News & History | Benzinga

The Fund is an actively managed exchange-traded fund (ETF). The Fund will invest, under normal circumstances, at least 80 percent of the value of its net assets, plus the amount of any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known as junk bonds), in accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the 1940 Act). If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term bond is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Bonds for this purpose also include bank loans and instruments that are intended to provide one or more of the characteristics of a direct investment in one or more bonds. Below investment grade bonds include securities rated below investment grade by Fitch Ratings, Inc., S&P Global Ratings, and by Moodys Investors Service Inc., or, if unrated, bonds deemed by the Funds Adviser to be of comparable quality. The Fund may invest up to 20 percent of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks). Portfolio holdings are diversified by industry and issuer in an attempt to reduce the impact of negative events for an industry or issuer.