At a glance
SHYL charges 0.2% a year, below the 0.31% average of the 7 funds most like it (the 3rd cheapest of 8). It has $267.3M in assets, the 6th largest of that group; it paid 7.02% of its price in distributions over the past 12 months, monthly. Over the past year it returned +1.4% with distributions reinvested, 7th of those 8 funds; over three years it returned +7.9% a year. At its worst it fell 19.3% in the 2020 crash (S&P 500: 33.7%) and 9.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 13 months after the lows. Its ten largest positions make up 5.1% of the fund, out of 829 in all.
The short version
The Xtrackers Short Duration High Yield Bond ETF (SHYL), from DWS, tracks a Solactive index of US dollar "junk" bonds. These are corporate bonds rated below investment grade, and every bond in the index matures within five years. Its 0.20% expense ratio is below the 0.31% average for similar funds. That makes it cheaper than SHYG (0.30%) and SJNK (0.40%). It pays monthly, and its trailing yield was 7.02% as of October 27, 2026.
Price history
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SHYL +1.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SHYL official prospectus, to Dec 31, 2024 | — | +8.40% | — | +4.41% | — | +4.47% |
| SHYL price data to Oct 27, 2026 | +0.6% | +1.4% | +7.9% | +4.6% | — | +4.5% |
- Over the year to Oct 27, 2026, SHYL returned +1.4%, 7th of 8 among similar funds.
- Its 5-year annualized return was +4.6%.
- In the 2020 COVID crash it fell 19.3% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-5.2%); its best was 2023 (+11.4%).
- The deepest fall in its price history was 19.3% (Feb 20, 2020 to Mar 23, 2020), recovered by Nov 10, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.6% |
| 2025 | +7.8% |
| 2024 | +8.5% |
| 2023 | +11.4% |
| 2022 | -5.2% |
| 2021 | +4.6% |
| 2020 | +3.6% |
| 2019 | +10.2% |
| 2018 | -0.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.1% over that stretch · deepest drop along the way 19.3%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.6% over that stretch · deepest drop along the way 9.4%, back to its old high 13 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2300 | |
| 2025 | $3.1600 | -2.8% |
| 2024 | $3.2500 | +10.9% |
| 2023 | $2.9300 | +23.6% |
| 2022 | $2.3700 | +7.2% |
| 2021 | $2.2100 | -24.3% |
| 2020 | $2.9200 | 0.0% |
| 2019 | $2.9200 | +12.3% |
| 2018 | $2.6000 |
What's inside
As of Aug 31, 2026, the fund held 829 securities; the ten largest made up 5.14% of assets, and 5.82% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ECHOSTAR CORP Bonds and notes | 0.78% | |
| PR RNO PROPERTY OWNER 1 LLC Bonds and notes | 0.60% | |
| CLOUD SOFTWARE GROUP HOLDINGS INC Bonds and notes | 0.57% | |
| CLOUD SOFTWARE GROUP INC Bonds and notes | 0.54% | |
| HUB INTERNATIONAL LTD Bonds and notes | 0.48% | |
| VENTURE GLOBAL LNG INC Bonds and notes | 0.45% | |
| CENTENE CORP Bonds and notes | 0.45% | |
| CRC INSURANCE GROUP LLC Bonds and notes | 0.45% | |
| TRANSDIGM INC Bonds and notes | 0.42% | |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP Bonds and notes | 0.41% | |
| NEPTUNE BIDCO US INC Bonds and notes | 0.40% | |
| EMRLD BORROWER LP Bonds and notes | 0.39% | |
| 1011778 B.C. ULC / NEW RED FINANCE INC Bonds and notes | 0.39% | |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP Bonds and notes | 0.38% | |
| MAUSER PACKAGING SOLUTIONS HOLDING COMPANY Bonds and notes | 0.38% |
By country
United States 82.46%Canada 4.39%Luxembourg 2.11%United Kingdom 1.42%Japan 1.4%By issuer
Companies 97.7%The bonds mature in 3.2 years on average (weighted by size), with an average coupon of 6.34%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.17%, -0.03%, +0.72%.
How it works
SHYL is an index fund. It aims to match the Solactive USD High Yield Corporates Total Market 0-5 Year Index, before fees. To enter the index, a bond must meet five rules. It needs a below-investment-grade composite rating from Moody's, S&P or Fitch. Its issuer must have at least $1 billion of bonds outstanding, and the bond itself at least $400 million. Its original maturity can be no more than 15 years, and it must have five years or less left until it matures.
Bonds are weighted by market value, so bigger bond issues count for more. No single issuer can exceed 3% of the index. The index is rebalanced monthly. The fund doesn't buy every bond. It uses "representative sampling," which means holding a subset of bonds that resembles the whole index. It keeps at least 80% of assets in index bonds. Portfolio turnover was 48%.
As of August 31, 2026, the fund held 829 bonds and kept 5.82% in cash. The top 10 holdings made up just 5.14% of assets. The bonds had an average of 3.2 years left to maturity and an average coupon of 6.34%. Many holdings are Rule 144A bonds. These are privately placed securities that can be harder to sell and value. Consumer cyclical and communications companies make up a large share of the index. The fund may also lend up to one-third of its assets to other institutions in exchange for collateral.
What it really costs
- SHYL charges 0.2% a year, versus an average of 0.31% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SHYL | $20 | $64 | $113 | $255 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
SHYL pays monthly and had a 7.02% trailing yield as of October 27, 2026, but its junk-bond credit risk makes it a poor stand-in for a safe bond reserve.
SHYL could add monthly income. Its trailing 12-month yield was 7.02% as of October 27, 2026. Costs are low: under the SEC's standard $10,000 example, fees come to about $20 after one year and $255 after 10 years. The trade-off is credit risk. The fund launched in January 2018, so it has no 2008 record. In the 2020 COVID crash it fell 19.3% in about a month and took about 7.6 months to recover. In 2022 it dropped 9.4% and needed 13 months to get back. Its worst calendar year was 2022, at -5.2%. Someone forced to sell or draw income in March 2020 would have locked in a steep loss. In sharp sell-offs, high yield bonds can behave more like stocks than like cash. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income from short-maturity junk bonds; the trailing yield was 7.02% as of October 27, 2026.
- Cost-conscious investors comparing short high yield funds: SHYL charges 0.20%, versus 0.30% for SHYG and 0.40% for SJNK.
- Those wanting wide diversification: 829 bonds as of August 31, 2026, with the top 10 holdings making up only 5.14% of assets.
Look elsewhere if
- Anyone needing a safe cash reserve: SHYL fell 19.3% in early 2020 and took about 7.6 months to recover.
- Investors who want to avoid credit risk; every bond in its index carries a below-investment-grade rating.
- Those who prefer larger funds: at $267 million in net assets, SHYL is far smaller than SHYG ($7.6 billion) or SJNK ($4.9 billion).
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SHYL this fund | 3.2 yrs | 0.2% | $267.3M | +1.4% | +7.9% |
| SHYG iShares 0-5 Year High Yield Corporate Bond … | 3.1 yrs | 0.3% | $7.60B | +2.4% | +8.0% |
| SJNK SPDR Bloomberg Short Term High Yield Bond E… | 3.1 yrs | 0.4% | $4.88B | +1.5% | +7.8% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
| SYFI AB Short Duration High Yield ETF | 3.7 yrs | 0.4% | $961.7M | +3.1% | — |
| FHYS Federated Hermes Short Duration High Yield … | 4 yrs | 0.51% | $55.1M | +3.3% | +7.3% |
| GTOH Invesco Short Duration High Yield ETF | 4.4 yrs | 0.48% | $12.8M | +1.3% | +7.6% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 4.6 yrs | 0.05% | $3.56B | +1.6% | +8.7% |
Questions investors ask
Does SHYL pay monthly dividends?
Yes. SHYL pays income monthly. Over the 12 months to October 27, 2026, it paid about $3.02 per share, a trailing yield of 7.02%. The income comes from interest on short-term high yield corporate bonds, whose average coupon was 6.34% as of August 31, 2026. Payments aren't fixed. They can shrink if rates fall or if companies in the portfolio default.
What's the difference between SHYL and SHYG?
Both funds hold US dollar high yield bonds that mature within about five years. Their average maturities were nearly identical: 3.2 years for SHYL and 3.1 for SHYG. SHYL tracks a Solactive index and costs 0.20%, compared with 0.30% for SHYG. SHYG is much larger, at $7.6 billion in net assets versus $267 million. As of October 27, 2026, SHYG returned 2.4% over one year to SHYL's 1.4%. Their three-year annualized returns were close, at 8.0% and 7.9%.
Is SHYL good for retirement income?
It may suit retirees who want monthly income and can accept junk-bond risk. Its official average annual return was 8.4% over one year and 4.41% over five years, as of December 31, 2024. It is not a safe reserve, though. It fell 19.3% in early 2020, and its worst quarter was -10.96%. It may work better as one income piece next to higher-quality bonds than as a retiree's main bond holding.
How risky is SHYL compared with other bond funds?
It is riskier than high-quality bond funds because it holds junk bonds. Their issuers are more likely to miss payments, and their prices tend to fall when the economy weakens. Short maturities reduce interest-rate risk but not credit risk. SHYL lost 5.18% in 2022 and 10.96% in the first quarter of 2020. Many of its holdings are Rule 144A bonds, which can be harder to sell in stressed markets.
What are SHYL's top holdings?
As of August 31, 2026, its largest position was an EchoStar bond paying 10.75% and maturing in 2029, at 0.78% of assets. Other top holdings included PR RNO Property Owner, two Cloud Software Group bonds, Hub International, Venture Global LNG, Centene and Charter's CCO Holdings. No single bond is large. The top 10 made up just 5.14% of the 829 holdings, and about 82% of assets were in US issuers.