The Obra Defensive High Yield ETF (ODHY) is a dynamically managed fund that primarily seeks opportunities in U.S. dollar-denominated, high-yield corporate debt, commonly known as sub-investment grade or "junk" bonds. Its investment methodology is distinctly bottom-up and value-driven, meticulously selecting securities from larger entities that demonstrate robust cash flow generation. The fund specifically targets the upper tier of the high-yield market, focusing on bonds rated B3/B or superior. A cornerstone of its strategy involves a proprietary Default Risk Rating (DRR) employed by the advisor to rigorously assess each company's creditworthiness. This comprehensive rating scrutinizes default probability, expected loan recovery rates, and a multitude of other factors, including detailed audited financial statements, restrictive payment covenants, and thorough industry analysis. While predominantly investing in high-yield corporate debt, the fund allows for tactical diversification, allocating up to 10% of its assets to government securities, investment-grade bonds, or even unrated/lower-rated debt, provided such instruments meet the stringent internal DRR criteria. During periods of market turbulence, ODHY may engage in active trading to capitalize on opportunities or mitigate potential losses. To ensure diversification and maintain overall portfolio quality, the fund adheres to strict constraints: no more than 15% exposure to any single industry, individual issuer holdings are capped at 1.5%, and the weighted average rating across the portfolio is consistently maintained at B2/B.