MYHA delivers high-yield corporate bond exposure that matures around 2027, functioning like a bond ladder in a single ETF. It's designed for investors who want junk bond yields but with a defined endpoint, avoiding the perpetual duration risk of traditional high-yield funds.
How It Works
The fund holds corporate bonds rated below investment grade that mature between 2026 and 2028, creating a natural wind-down as bonds mature and aren't replaced. Unlike perpetual high-yield ETFs that constantly roll into new bonds, MYHA's portfolio shrinks over time, returning cash to shareholders. The 0% expense ratio suggests State Street is using this as a loss leader or test product for target-maturity strategies.
Key Features
- Zero expense ratio beats every other high-yield option, though the 1.09% yield seems suspiciously low for junk bonds
- Self-liquidating structure eliminates reinvestment risk — you know exactly when you'll get your money back
- Target maturity approach provides bond-like certainty that perpetual high-yield ETFs can't match
Risks
- Default risk could be severe — if recession hits before 2027, expect 10-20% losses from bankruptcies in the junk bond space
- The abnormally low 1.09% yield suggests either data error or extremely short duration — you're barely beating cash
- Zero AUM means this fund could liquidate tomorrow, forcing taxable gains and disrupting your income strategy
Who Should Own This
Best for someone with a specific 2027 cash need who wants to squeeze extra yield versus Treasury bills but can stomach credit risk. Also works for advisors building bond ladders who want the simplicity of an ETF wrapper. The zero AUM is a red flag — only invest if you're comfortable being the only holder.