Share-split context: A reverse split was recorded on Sep 30, 2026 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The Credit Suisse High Yield Bond Fund (DHY) is an ETF designed to invest in high-yield bonds. Investors often look at these types of funds to find regular income, though they come with different levels of risk compared to safer bonds.

What the numbers show

When looking at DHY, it is important to separate "price return" from "total return." Price return only tracks how the share price changes. Total return includes both the price changes and the money paid out through distributions.

• Year-to-Date (YTD): The price return is down approximately 18.80%. However, the YTD total return is -12.30%.

• One Year: The one-year price return is down approximately 22.30%, while the one-year total return is -14.15%.

• Three Year: The three-year price return is down approximately 11.74%. Interestingly, the three-year total return is positive at 16.79%.

Because this ETF has a history of reverse splits, we cannot provide an estimated price from one year ago. A reverse split is when multiple old shares are combined into fewer new shares, which causes the per-share price to rise mechanically. This change is a structural adjustment and does not mean the investment value increased.

Income and distribution explanation

DHY provides cash distributions to investors. The current distribution yield is approximately 1.15%. These payments usually happen on a monthly basis, with the most recent trailing distributions totaling 0.186. Based on the data, Monday is the most common day for these distributions to occur.

It is important to remember that a distribution yield tells you how much cash was paid out relative to the price, but it is not the same as your total return.

NAV erosion explanation

Some investors worry about "NAV erosion," which is when the actual value of the fund's underlying assets declines. The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Regarding price erosion, the fund has an erosion score of 55, which is labeled as "moderate price erosion." This means the market price of the shares has shown signs of declining over time.

Pros

• The three-year total return is positive (16.79%), meaning the combination of price changes and distributions has resulted in a gain over that specific period.

• The fund provides regular, monthly distributions.

Cons

• The share price has seen significant declines in the short term (YTD and one-year periods).

• The fund has a moderate price erosion score.

Beginner takeaway

When researching DHY, notice the difference between the falling share price and the total return. While the share price has dropped recently, the three-year total return shows that distributions have helped offset some of those losses over a longer timeframe. Always remember that high yields or regular payments do not guarantee that the share price will stay stable.