First Trust Tactical High Yield ETF (HYLS US) – Portfolio Construction MethodologyThe investment process guiding the actively managed First Trust Tactical High Yield ETF allocates to below-investment-grade USD corporate debt while dynamically adjusting credit beta, liquidity, and duration to conditions. Issuer selection applies fundamental credit work, covenant assessment, and relative-value spread analysis across seniority tiers, emphasizing cash-flow durability and refinancing pathways. Portfolio construc ...