HYLD Dividend Calculator
Dividend growth rate not yet measurable from available history.
| Year | Yield | Div / share | Annual income | Yield on cost | Cumulative income | Portfolio value | Shares |
|---|---|---|---|---|---|---|---|
| 1 | 7.6% | $2.04 | $800.00 | 6.5% | $800.00 | $13,778 | 514.79 |
| 2 | 7.8% | $2.18 | $1,123 | 7.6% | $1,923 | $18,076 | 643.22 |
| 3 | 7.9% | $2.33 | $1,502 | 8.7% | $3,425 | $22,977 | 778.67 |
| 4 | 8.1% | $2.50 | $1,945 | 9.9% | $5,370 | $28,577 | 922.33 |
| 5 | 8.2% | $2.67 | $2,465 | 11.2% | $7,836 | $34,990 | 1075.53 |
| 6 | 8.4% | $2.86 | $3,076 | 12.6% | $10,912 | $42,349 | 1239.76 |
| 7 | 8.5% | $3.06 | $3,794 | 14.2% | $14,706 | $50,811 | 1416.66 |
| 8 | 8.7% | $3.27 | $4,639 | 15.9% | $19,344 | $60,562 | 1608.12 |
| 9 | 8.9% | $3.50 | $5,634 | 17.8% | $24,979 | $71,821 | 1816.26 |
| 10 | 9.0% | $3.75 | $6,809 | 20.0% | $31,788 | $84,846 | 2043.47 |
Year 1-10 dividend income (preview)
Based on a $10,000 initial investment with $200.00 monthly contributions, DRIP on.
Historical dividends per share
Recent dividends
| Ex-date | Cash amount | TTM yield | Fwd yield | Share price |
|---|---|---|---|---|
| 2023-07-27 | $0.17 | 8.0% | 8.0% | $25.58 |
| 2023-06-27 | $0.17 | 8.0% | 8.0% | $25.42 |
| 2023-05-25 | $0.17 | 8.7% | 8.0% | $25.36 |
| 2023-04-25 | $0.17 | 8.4% | 7.7% | $26.34 |
| 2023-03-27 | $0.17 | 8.5% | 7.8% | $26.02 |
| 2023-02-23 | $0.17 | 7.6% | 7.6% | $26.67 |
| 2023-01-26 | $0.17 | 7.5% | 7.5% | $27.16 |
| 2022-12-27 | $0.17 | 8.1% | 7.8% | $26.11 |
| 2022-11-25 | $0.17 | 7.4% | 7.7% | $26.50 |
| 2022-10-26 | $0.17 | 7.5% | 7.9% | $25.93 |
| 2022-09-27 | $0.17 | 7.5% | 7.8% | $26.02 |
| 2022-08-26 | $0.17 | 7.1% | 7.4% | $27.73 |
Source: Polygon.io. Last 12 dividend distributions, most recent first. TTM yield = sum of last 12 months of payments ÷ share price on ex-date. Forward yield = this payment × detected payout frequency ÷ share price on ex-date.
About HYLD
HYLD — the Acruence Active Hi-Yield ETF — is an actively managed, all-asset high-yield income fund. It is issued by Acruence Capital Management (formerly Peritus Asset Management, which renamed in late 2023; the same investment team continues to manage the fund under the new firm name). HYLD is a niche actively managed high-yield income fund with substantially lower AUM than the marquee passive dividend ETFs. The distribution depends on the active manager's credit selection and is NOT a tracking-error-driven distribution like a passive index ETF. Historical AUM has run around the two-hundred-million-dollar mark, an order of magnitude smaller than the largest passive high-yield bond ETFs (HYG at JNK at multi-billion-dollar scale) and several orders smaller than the marquee equity-dividend ETFs (SCHD, JEPI, QYLD at tens of billions). Investors evaluating HYLD should weight that AUM-and-active-management context heavily — the fund's realized outcomes depend on the Peritus team's credit-selection skill and on the specific portfolio they construct, not on a mechanical index-tracking rule.
The strategy is all-asset opportunistic high-yield credit. The portfolio primarily holds high-yield corporate bonds — the below-investment-grade segment of the US corporate debt market, ranging from BB-rated (the higher tier of high-yield, often "fallen angels" from prior investment-grade status) down through B and CCC ratings (the deeper distressed territory). The fund also holds bank loans (also called leveraged loans or senior secured loans), which are floating-rate debt instruments secured by the borrower's assets and senior in the capital structure to high-yield bonds. The active management team can also opportunistically hold equity (typically equity stakes received through restructurings or warrants attached to debt deals), high-yield ETFs (used as liquid placeholders or hedges), and cash equivalents. The portfolio composition shifts across the cycle based on the manager's view of credit spreads, default expectations, and relative-value opportunities — in periods of widening credit spreads the team adds to high-yield bond positions opportunistically, in periods of tightening spreads the team can reduce exposure or rotate into bank loans (whose floating-rate structure responds differently to rate moves than fixed-rate bonds). The active credit selection is the central differentiating feature: where passive high-yield bond ETFs hold the index basket and accept whatever credit quality the index contains, HYLD's team makes individual issuer-level selection decisions and avoids names they view as poor risk-reward.
HYLD distributes monthly. The yield typically runs in the high single digits to low double digits (the nine-to-ten-percent range historically, varying with the credit-spread environment and the manager's positioning). The yield is meaningfully higher than passive high-yield bond ETFs (HYG and JNK typically yield in the high single digits as well, but with mechanical index exposure rather than active selection), and the distribution variability is correspondingly higher. Months of strong credit-market performance with on-time interest payments and full coupon collection produce larger distributions; months with credit events, default-related write-downs, or restructuring activity in the portfolio produce smaller distributions. The manager's active credit-selection skill is the variable that determines whether the realized monthly distribution comes in at the upper or lower end of the typical range — there is no mechanical guarantee of consistent monthly cash flow as there would be with a passive index fund.
How HYLD pays distributions
HYLD distributes monthly. The ex-dividend date typically falls in the third or fourth week of each calendar month, with the pay date following a few business days later. The per-share cash amount each month reflects the coupon interest and loan-interest income collected from the portfolio during the prior cycle, net of fund expenses, distributed through to shareholders. The aggregate annual distribution typically corresponds to a forward yield in the nine-to-ten-percent range on NAV, varying with the credit-spread environment and the manager's positioning. The composition of the distribution is largely ordinary interest income (from corporate bond coupons and bank loan interest), supplemented by occasional capital gains distributions when the manager realizes gains on appreciated debt positions or restructures equity stakes acquired through prior debt deals. Return of capital can also appear in years when the fund's realized cash distributions exceed the year's net investment income — this happens periodically with high-yield funds operating near or above the income-replacement threshold.
For US tax purposes, the bulk of HYLD's distributions are taxed at the holder's ordinary income rate rather than at the qualified-dividend rate. This is consistent with the underlying interest income — corporate bond coupons and bank-loan interest do not receive qualified-dividend treatment, and the fund's pass-through of that income to shareholders inherits the ordinary-income character. For taxable-account holders in middle and upper marginal brackets, the after-tax yield on HYLD is meaningfully lower than the headline yield (the marginal-rate drag is significant). The most tax-efficient home for HYLD is a tax-advantaged account (IRA, Roth IRA, 401(k)), where the ordinary-income classification is irrelevant inside the wrapper and the high gross yield reinvests without current-tax friction. The expense ratio on HYLD is high relative to passive high-yield ETFs (the active management commands a premium fee), and this compounds against the holder over multi-decade horizons; investors should evaluate the expense drag in the context of the active manager's value-add over a passive alternative.
Who HYLD suits
HYLD suits investors who want active high-yield CREDIT exposure (not equity dividend exposure), prefer monthly cash flow, are comfortable with active manager dependence and meaningful AUM concentration, and accept the higher expense ratio in exchange for credit-selection discretion. The natural holder is a yield-oriented investor who wants exposure to the high-yield corporate-debt-and-loan segment specifically rather than to dividend-paying equities, and who values the manager's ability to avoid problematic credits and rotate across the credit spectrum based on cycle conditions. HYLD is not a substitute for equity-dividend ETFs (SCHD, VYM, FDVV) — those funds deliver equity-dividend yield and equity-market exposure, while HYLD delivers high-yield-credit yield and credit-market exposure. The two are structurally distinct income sources with different risk-return profiles and different correlations to broader markets.
HYLD versus HYG (or JNK) is the central comparison for investors evaluating high-yield bond exposure. HYG (iShares iBoxx High Yield Corporate Bond ETF) is the marquee passive high-yield bond ETF — it tracks an index of high-yield corporate bonds, holds the index basket mechanically, and accepts whatever credit quality the index contains. HYG is mechanical, HYLD is active. HYG offers lower expenses, much higher AUM and liquidity, mechanical exposure with predictable index-tracking, and a slightly lower yield (because passive funds accept the index's credit quality). HYLD offers active credit selection (which can avoid problematic names that HYG mechanically holds), the potential for outperformance through skill (or underperformance, if the active calls go wrong), higher expense ratio, lower AUM, and a somewhat higher yield. The choice between them depends on the investor's belief in active credit-selection skill — investors confident the active manager can add value should weight HYLD; investors who prefer mechanical exposure with lower fees and higher liquidity should weight HYG. Investors who want both can hold the two together for methodology diversification within the high-yield sleeve. The dividend calculator on this page models HYLD with the current forward yield and a chosen DGR; given the active and credit-selection-dependent nature of the distribution, a conservative DGR (zero or slightly negative) is more defensible than a positive single-digit assumption for long-horizon planning.
Hypothetical scenarios
Scenario 1: $50,000 in HYLD for monthly high-yield income with DRIP
Consider a hypothetical position of $50,000 in HYLD, held for monthly income with DRIP enabled. At a forward yield in the nine-to-ten-percent range against the current per-share monthly rate, the starting annualized cash distribution on $50,000 is roughly $4,500 to $5,000, paid in twelve monthly installments of approximately $375 to $420 each. With DRIP on, the reinvested monthly distributions purchase additional shares at the prevailing price on each pay date, and the share count compounds across twelve reinvestment events per year. The monthly cadence is meaningful for cash-flow planning — the steady reinvestment frequency keeps the share count growing across the year rather than compressing into four large quarterly events.
The structural caveat is that HYLD's distribution depends on the active manager's credit-selection outcomes during the prior monthly cycle, not on a mechanical formula. Months where the portfolio's bond and loan holdings pay full coupons on time and where the manager has not realized losses on credit events produce distributions near the upper end of the typical range; months where the portfolio has experienced credit events, defaults, or restructuring activity produce distributions near the lower end. The aggregate annual cash flow tends to average out to the headline yield over a calendar year, but the month-to-month per-share amount can vary by a meaningful percentage from one period to the next. Investors planning around a steady monthly income stream from HYLD should expect this variability and either tolerate it or size the position so that the variability does not stress the underlying budget.
The illustrative compounding picture across a five-year window depends on the path of the underlying high-yield credit market and on the manager's positioning across that path. In a normal-to-tightening-spread environment, the high-yield bond and loan market typically delivers full-coupon-collection outcomes on most positions, default rates run near historical norms (low single digits annualized), and HYLD's portfolio produces distributions near the upper end of the typical range; the share count compounds steadily via DRIP. In a widening-spread or credit-cycle-turning environment, default rates rise, credit events appear in the portfolio with greater frequency, and the per-share distribution can compress as the manager realizes losses and rotates the portfolio — the NAV may also decline through this window, which favorably affects DRIP reinvestment prices on subsequent recovery. In a credit-cycle-bottom environment (post-recession recovery, e.g., 2009 or 2021 after the COVID liquidity shock), the manager's ability to add to credits at distressed prices can produce large appreciation contributions to total return in addition to the ongoing distribution stream — this is the environment where active credit selection has the most opportunity to add value relative to a passive index.
The honest planning takeaway is that HYLD's calculator output represents an approximate distribution-stream forecast under the manager's active-management assumption. Conservative DGR assumptions (zero or slightly negative) are more defensible than positive single-digit ones, both because the underlying high-yield income stream does not have a structural growth driver in the way that quality-equity dividends do, and because the fund's NAV trajectory across credit cycles is path-dependent in a way that affects per-share distribution levels over time. The calculator output is a useful order-of-magnitude estimate over the holding window provided these assumptions are kept conservative.
Scenario 2: HYLD versus HYG — active credit selection versus passive index exposure
Consider a hypothetical side-by-side comparison: $25,000 invested in HYLD and $25,000 invested in HYG (the BlackRock iShares iBoxx High Yield Corporate Bond ETF, the marquee passive high-yield bond ETF) on the same date, both held for five years with DRIP enabled and identical contribution assumptions. The two positions then represent the active-versus-passive choice within the high-yield credit segment, and the comparison illustrates how an active credit-selection process can produce outcomes that differ meaningfully — in either direction — from mechanical index exposure.
HYG holds the index basket mechanically. The fund tracks the Markit iBoxx USD Liquid High Yield Index, which contains the largest and most liquid US-listed high-yield corporate bonds across the BB-to-CCC credit spectrum, weighted on a modified market-value basis. The expense ratio is low (consistent with a passive product at multi-billion-dollar scale), the AUM is massive (HYG is one of the largest fixed-income ETFs globally), the bid-ask spread is tight, and the credit exposure is whatever the index provides — including any names with deteriorating credit quality that have not yet been downgraded out of the high-yield index inclusion criteria. The mechanical exposure is predictable in structure and in tracking but accepts whatever specific issuers the index selects. The distributions are monthly with relatively steady per-share amounts.
HYLD's active selection process differs at the issuer level. The Peritus team (operating under the Acruence Capital Management name as of late 2023) evaluates individual issuer credit quality, selects names it believes offer favorable risk-adjusted yield, and can avoid names it believes are likely to experience credit problems even if they remain in the high-yield index. The team can also overweight bank loans relative to fixed-rate bonds when the rate environment favors floating-rate exposure, opportunistically hold equity stakes from prior debt restructurings, and rotate the portfolio across the credit spectrum (BB versus B versus CCC) based on the manager's cycle view. The expense ratio is meaningfully higher than HYG's, the AUM is much smaller (which can impact liquidity in some market conditions), and the realized outcome depends on whether the team's active calls add value relative to the index over the period.
In a five-year window, the cumulative total returns on HYLD and HYG can differ in either direction depending on the manager's outcomes and the credit-cycle path. In a normal credit environment with default rates near historical norms, the active management's value-add tends to be modest in either direction — the team's name-by-name selection produces small positive or small negative deviations from index performance, and the higher expense ratio on HYLD weighs against the active alpha. In a stressed credit environment (rising defaults, widening spreads), the team's ability to avoid problematic names can produce meaningfully better performance than the index, which mechanically holds the deteriorating credits until they are downgraded out — this is the environment where active credit selection has the most potential to add value. In a tight-spread environment with very low default rates, the differentiation between active and passive narrows, the higher expense ratio on HYLD becomes the dominant factor, and HYG can outperform on net.
The structural lesson is that HYLD and HYG are different products serving overlapping but distinct purposes within the high-yield credit segment. HYG is the default, lowest-cost, most-liquid passive exposure. HYLD is the actively managed alternative for investors who believe in the manager's credit-selection skill and accept the AUM concentration and higher fee. Investors choosing between them are making an active-versus-passive judgment specific to the high-yield credit segment, not an income-versus-growth or yield-versus-quality trade-off. The calculator on this page can model either fund using its current forward yield and a chosen DGR; the realized differences over the actual holding window depend on the credit-cycle path and on the active manager's outcomes if HYLD is chosen. Educational only; not a forecast.
Sources & methodology
Dividend history and price data come from Polygon.io's reference and aggregates endpoints. Forward yield is computed as the sum of the most recent four cash distributions divided by the previous-close share price. The dividend growth rate shown on this page is the compound annual growth rate of total annual distributions across the available history in this snapshot.
Last updated: 2026-05-15.
Information here is for educational purposes only and does not constitute investment advice. Past dividend history does not guarantee future payments. Verify all figures with the issuer or a registered financial advisor before making investment decisions.