BMDL ETF — Holdings & Analysis

For informational purposes only. Not financial advice.

Quick Answer

BMDL differentiates itself through a blend of top-down macroeconomic analysis from WestEnd Advisors and bottom-up credit analysis from Victory Income Investors. With an expense ratio of 0.56%, the fund aims to navigate economic cycles and credit conditions to optimize portfolio positioning. The fund's strategy is designed to evolve with the economic cycle and credit conditions, potentially offering investors a dynamic approach to fixed income investing.

VictoryShares WestEnd Economic Cycle Bond ETF (BMDL) ETF — Price, Holdings & Analysis

The VictoryShares WestEnd Economic Cycle Bond ETF (BMDL) is a $0.11 billion fixed income ETF that seeks current income and capital appreciation by dynamically allocating across the U.S. fixed income market. BMDL differentiates itself through a blend of top-down macroeconomic analysis from WestEnd Advisors and bottom-up credit analysis from Victory Income Investors. With an expense ratio of 0.56%, the fund aims to navigate economic cycles and credit conditions to optimize portfolio positioning. The fund's strategy is designed to evolve with the economic cycle and credit conditions, potentially offering investors a dynamic approach to fixed income investing.

ETF Overview

Seeks to provide current income and capital appreciation within the U.S. fixed income market through a combination of the WestEnd Advisors' macroeconomic approach to dynamic duration and credit allocation and Victory Income Investors proprietary research process and credit ratings for security selection. Blends the specialties of two experienced investment teams to implement a dynamic fixed income portfolio intended to evolve along with the economic cycle and credit conditions. Employs a top-down process that utilizes qualitative analysis of a wide range of economic data to identify areas of potential strength and weakness in the fixed income markets layered with a bottom-up, independent credit analysis and rating process.

The VictoryShares WestEnd Economic Cycle Bond ETF (BMDL) aims to provide investors with current income and capital appreciation within the U.S. fixed income market. The ETF uniquely combines the expertise of two investment teams: WestEnd Advisors, which focuses on macroeconomic analysis and dynamic duration and credit allocation, and Victory Income Investors, which provides proprietary research and credit ratings for security selection. This blended approach seeks to capitalize on both top-down economic trends and bottom-up security selection. BMDL employs a top-down process that utilizes qualitative analysis of a wide range of economic data to identify areas of potential strength and weakness in the fixed income markets. This is layered with a bottom-up, independent credit analysis and rating process. As of the latest data, BMDL has 438 holdings, with a 100% allocation to Cash & Others, reflecting a potentially defensive positioning or a strategy focused on liquidity and flexibility in the current market environment. This approach is intended to allow the portfolio to evolve along with the economic cycle and credit conditions.

Risk Metrics

BMDL's risk profile is shaped by its investment strategy and current asset allocation. With a 100% allocation to Cash & Others, the ETF currently exhibits minimal sector risk, but this also means it may underperform in rising rate environments or periods of credit spread tightening. The fund's beta of 0.00 (3Y) suggests very low volatility relative to the broader market, which could be attractive to risk-averse investors. However, it also implies limited potential for outperformance during market rallies. The expense ratio of 0.56% will create a drag on returns, and this cost when evaluating the ETF's potential performance may be worth researching. The fund's concentrated allocation to cash equivalents means that its performance will be highly dependent on the fund's ability to effectively deploy capital into higher-yielding fixed income assets as opportunities arise.

Expense Ratio

0.56%

How Is the Fund Allocated?

Sector	Weight
Cash & Others	100.0%

Country	Weight
Other	100.0%

Dividend Yield

3.97%

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) — 0.49% expense ratio
iShares 20+ Year Treasury Bond ETF (TLT) — 0.15% expense ratio
JPMorgan International Bond Opportunities ETF (JPIB) — 0.50% expense ratio
IDX Dynamic Fixed Income ETF (DYFI) — 1.12% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) — 0.28% expense ratio
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) — 0.14% expense ratio
iShares Core U.S. Aggregate Bond ETF (AGG) — 0.03% expense ratio
iShares MBS ETF (MBB) — 0.04% expense ratio

VictoryShares Dividend Accelerator ETF (VSDA) (US Equity) — 0.40% expense ratio
VictoryShares THB Mid Cap ETF (MDCP) (US Equity) — 0.68% expense ratio
VictoryShares International Volatility Wtd ETF (CIL) (Global Equity) — 0.60% expense ratio
VictoryShares WestEnd Global Equity ETF (GLOW) (Global Equity) — 1.89% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is BMDL and what does it track?

The VictoryShares WestEnd Economic Cycle Bond ETF (BMDL) is a fixed income ETF managed by Victory Capital. Launched on 2024-06-20, BMDL seeks to provide current income and capital appreciation by investing in the U.S. fixed income market.

The ETF combines the macroeconomic expertise of WestEnd Advisors with the credit analysis capabilities of Victory Income Investors.

What is the expense ratio for BMDL?

The expense ratio for the VictoryShares WestEnd Economic Cycle Bond ETF (BMDL) is 0.56%. This means that for every $10,000 invested in the fund, investors will pay $56 in annual fees to cover the fund's operating expenses.

What are the top holdings in BMDL?

As of the latest available data, BMDL's portfolio has a 100% allocation to Cash & Others. This allocation suggests that the fund is currently holding a significant portion of its assets in highly liquid, low-risk investments.

This positioning may reflect a defensive stance or an anticipation of future investment opportunities in the fixed income market. Investors should monitor the fund's asset allocation to understand how it evolves over time.

Is BMDL a good long-term investment?

Evaluating BMDL as a long-term investment requires careful consideration of its strategy, performance, and risk profile. The fund's dynamic approach to fixed income investing, which aims to adapt to changing economic conditions, could be beneficial over the long term.

However, the fund's relatively short track record since its inception in 2024-06-20 provides limited historical data for assessing its long-term performance.

How does BMDL compare to similar ETFs?

BMDL differentiates itself through its combination of top-down macroeconomic analysis and bottom-up credit selection, a strategy not always found in other fixed income ETFs.

Its expense ratio of 0.56% may be higher than some passively managed competitors, but potentially justified by its active management approach.

Does BMDL pay dividends?

Yes, BMDL does pay dividends. The fund's current dividend yield is 3.97%. This yield represents the annual dividend income an investor can expect to receive as a percentage of the fund's share price.

It's important to note that dividend yields can fluctuate over time due to changes in the fund's underlying holdings and market conditions.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Data provided for informational purposes only.

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