# High Yield Corporate Bond Vault

## Summary 

The high yield corporate bond vault aims to track the investment results of an index composed of USD-denominated, high yield corporate bonds with remaining maturities of less than five years.  Interest accrues and compounds daily and lenders can move in and out at anytime. Withdrawals made before the cut off time are in one business day. 

<table><thead><tr><th width="255">Vault</th><th width="475">Details</th></tr></thead><tbody><tr><td><strong>Vault Name</strong></td><td>High Yield Corporate Bond Vault</td></tr><tr><td><strong>Token Symbol</strong></td><td>XHYC (ETH, AVAX), XHYCB (PLUME)</td></tr><tr><td><strong>Eligible Collateral</strong></td><td>BlackRock iShares 0-5 Year  High Yield Corporate Bond ETF (<a href="https://www.ishares.com/us/products/258100/ishares-05-year-high-yield-corporate-bond-etf">SHYG</a>)</td></tr><tr><td><strong>Stablecoins Accepted</strong></td><td>USDC</td></tr><tr><td><strong>Networks Supported</strong></td><td>Avalanche, Plume</td></tr><tr><td><strong>Investments</strong></td><td>Anytime, <a href="/pages/1nzMqIa759KDemHLsYxo">vault tokens</a> minted immediately </td></tr><tr><td><strong>Withdrawals</strong> </td><td>Anytime, repaid T+1 </td></tr><tr><td><strong>Minimum Investment</strong></td><td>100,000 USDC</td></tr><tr><td><strong>Term / Lockup</strong></td><td>None</td></tr><tr><td><strong>Fees</strong></td><td>50 bps per annum, deducted from the gross yield generated on the underlying collateral</td></tr><tr><td><strong>Interest Accrual</strong></td><td>Pegged to the total return of the underlying ETF via the <a href="/pages/emypL1NpOoSqCCcCrPkE">Collateral Rate</a>. </td></tr><tr><td><strong>Indicative Interest Rate</strong></td><td>Set based on the yield to maturity of the underlying ETF; this rate is only indicative of the annualised returns, actual interest accrual is based on the Collateral Rate</td></tr><tr><td><strong>Exchange Rate Method</strong></td><td>Reference price set by Investment Advisor each business day at 9.30am GMT based on the value of the underlying collateral at closing for the prior business day. </td></tr><tr><td><strong>Legal Structure</strong></td><td>Leverages the same institutional grade <a href="/pages/J1YoOSiNKMAp0dqYi2XB">legal framework</a>, <a href="/pages/KgScQz6Jp7sYQgnGWnoH">bankruptcy remote structure</a>, and <a href="/pages/Y51u8U3BRzWpu81v5Jyo">regulated service providers and counter-parties</a> as our other OpenTrade Treasury Management &#x26; Yield Products </td></tr></tbody></table>


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