According to CoinMeta, CDX is a low-cost hedge fund strategy that focuses on high-yield bonds (NYSEARCA : CDX). The fund employs a multi-level derivatives strategy to take on exposure to high-yield bonds and has the potential for both hedging and option income. It offers a yield of 8.3% and a low fee rate of 0.25%, but since its inception, its performance has lagged behind that of HYG and similar funds ETF. The fund's portfolio is very active, with a turnover rate as high as 622%. CDX can be suitable as a diversified satellite holding, but its performance record is relatively short compared to the benchmark and not particularly convincing.