ETF Evaluator:
Obra Defensive High Yield ETF ()
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(as of Aug 03)
Best Performing in High Yield Bond Over the Last Year
| 7.6% | Fidelity Sustainable High Yield ETF (FSYD) |
| 7.4% | Horizon Flexible Income ETF (FLXN) |
| 6.7% | iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) |
| 6.6% | Fidelity Enhanced High Yield ETF (FDHY) |
| 6.3% | Harbor Ares Systematic High-Yield ETF (SIHY) |
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ETF Details
Obra Defensive High Yield ETF Overview
Obra Defensive High Yield ETF (ODHY) is an actively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). Obra Fund Management, LLC launched the ETF in 2025.
The investment seeks to provide current income with an emphasis on principal preservation.
The Advisor intends to achieve its investment objective by investing primarily in high yield corporate bonds (or “junk bonds”). Under normal circumstances, the fund will invest at least 80% of the fund’s net assets (plus borrowings for investment purposes) in U.S. dollar denominated, high yield corporate bonds.
About Obra Defensive High Yield ETF (ODHY)
There are 4 members of the management team with an average tenure of 1.08 years: Justin Monteith (2025), Scott Macklin (2025), Peter Polanskyj (2025) and Dennis Dowden (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Obra Defensive High Yield ETF has 146 securities in its portfolio. The top 10 holdings constitute 11.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Obra Defensive High Yield ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Obra Defensive High Yield ETF has 9.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.1% (85.5% domestic bond, 9.6% foreign bond and 0.0% convertible bond). Obra Defensive High Yield ETF has 4.9% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $1 billion average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ODHY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Obra Defensive High Yield ETF expense ratio is average compared to funds in the High Yield Bond category. Obra Defensive High Yield ETF has an expense ratio of 0.50%, which is 25% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Obra Defensive High Yield ETF has a portfolio turnover rate of 14%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 69% for the High Yield Bond category.
Recently, in the month of July 2026, Obra Defensive High Yield ETF returned -0.2%, which earned it a grade of B, as the High Yield Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Obra Defensive High Yield ETF has a trailing yield of 5.25%, which is below the 6.77% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Obra Defensive High Yield ETF Grades
Year to date, the ETF has returned 1.3%, 0.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.4% over the past year (grade of F).
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ODHY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ODHY Return (NAV) | -0.2% | 0.5% | 4.4% | na | na | na |
| ODHY Return (Price) | 0.5% | 1.3% | 4.3% | na | na | na |
| NAV +/- Price Return | -0.627% | -0.823% | 0.019% | na | na | na |
| High Yield Bond Avg | -0.2% | 0.5% | 5.0% | 7.8% | 3.8% | 5.0% |
| ODHY Grade (NAV) | B | C | F | na | na | na |
| +/- Category (NAV) | 0.1% | -0.0% | -0.6% | na | na | na |
| ODHY Tax-Cost Ratio | na | na | 2.1% | na | na | na |
ODHY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ODHY Return (NAV) | 1.3% | na | na | na | na | na | na | na | na | na | na |
| ODHY Return (Price) | 2.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.828% | na | na | na | na | na | na | na | na | na | na |
| High Yield Bond Avg | 1.7% | 8.4% | 7.5% | 12.4% | -10.1% | 4.2% | 6.1% | 13.4% | -2.3% | 7.1% | 13.0% |
| ODHY Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.4% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 5.3% |
| Total Assets: | $ 5 Mil |
| Share Class Assets: | $ 5 Mil |
| Turnover: | 14.8% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Monteith Justin (2025), Macklin Scott (2025), Polanskyj Peter (2025), Dowden Dennis (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 146 |
| % in Top 10 Holdings: | 11.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 85.5% |
| Foreign Bond: | 9.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Obra Fund Management, LLC |
| Phone Number: | 800-773-3863 |
| Website: | |
| Inception Date: | June 30, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.40% |
