The ETF Angle: July 2026 Dynamic Prudent Yield Update

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The ETF Angle: July 2026 Dynamic Prudent Yield Update

Dynamic Prudent Yield sectors

Exhibit 3: Preferreds are +0.4% above the 10-month moving average Exhibit 4: Fallen Angel bonds are now +2.1% above the 10-month

Preferreds index level vs 10-month moving average average

Fallen Angels index level vs 10-month moving average

Preferreds price (P0P0)

360 10 month moving average 1350 Fallen Angels price (H0FA)

10 month moving average

240 750

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 450

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Source: BofA Global Research, Bloomberg, ICE Data Services LLC

BofA GLOBAL RESEARCH Source: BofA Global Research, Bloomberg, ICE Data Services LLC

BofA GLOBAL RESEARCH

Exhibit 5: EM debt is +1.7% vs. the moving average Exhibit 6: High yield munis are +2.6% vs. the moving average

EM debt index level vs 10-month moving average High yield muni index level vs 10-month moving average

EM debt price (DXEM) 485 High yield muni price (LMEHTR)

10 month moving average 10 month moving average

275 260

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Source: BofA Global Research, Bloomberg, ICE Data Services LLC Source: BofA Global Research, Bloomberg, ICE Data Services LLC

BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH

Exhibit 7: Leveraged loans are +1.5% above the 10-month moving Exhibit 8: Convertibles are +13.0% above the 10-month moving

average average

Leveraged loan index level vs 10-month moving average Convertible bond index level vs 10-month moving average

4,800 2200

Leverage loans price (SPBDAL) Convertible bonds price (VXA0)

4,400 1900 10 month moving average 10 month moving average

4,000 1600

3,600 1300

3,200 1000

2,800 700

2,400 400