AHIC

Short-Term High Income ETF

Also available as a Mutual Fund
$25.04
NAV+$0.03 / +0.13%1-day change
$2.6B
Fund assets
Not available
30-day SEC yield*
2.42%
Year-to-date NAV return
Data as of 10/22/2026
*As of
Short-Term High Income ETF
Fund overview

The ETF targets a consistent stream of high income with limited default and duration risk

The Allspring Short-Term High Income ETF seeks current income by investing primarily in a diversified portfolio of non-investment-grade corporate debt securities with an average maturity of three years or less.

The fund has the potential to generate a consistent stream of high income with limited default and duration risk through all market environments by avoiding the lowest-quality tier within the leveraged finance markets.

Key differentiators

  • Uses a six-month investment horizon to anticipate market inflection points
  • Allocates across market sectors, capital structures, and targeted quality grades
  • Seeks diversified sources of alpha to generate compelling returns over a market cycle

General facts

CUSIP

01988X747

Benchmark name

ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index

Gross expense ratio

0.52%

(as of 10/21/2026)

Net expense ratio

0.45%

(as of 10/21/2026)

Dividend frequency

Monthly

Inception date

6/30/1997

Shares outstanding

10,000

Daily volume (Shares)

1,907

Quick resources

ETF Education

Performance

Average annual returns

Average annual returns

(as of 9/30/2026)
6/30/1997
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
NAV Market Price
-1.06
-0.12
1.73
3.34
6.00
4.31
4.13
4.39
LoadApplied
-1.06
-0.12
1.73
3.34
6.00
4.31
4.13
4.39
ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index
-1.05
-0.15
1.80
3.40
6.59
4.31
4.41
5.67
Lipper Short High Yield Funds
-1.58
-0.87
1.06
2.33
6.45
4.03
3.94
-
Expenses (as of 10/21/2026)
Gross Expense Ratio
0.52 %
Net Expense Ratio
0.45 %

One-month, three-month and year-to-date returns are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Institutional Class shares and is not adjusted to reflect ETF Class expenses. The Institutional Class annual returns are substantially similar to what the ETF Class annual returns would be because the Institutional Class and ETF Class shares are invested in the same portfolio and their returns differ only to the extent that they do not have the same expenses.

The manager has contractually committed, through 12/31/2027, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 0.45%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

Calendar year

Calendar year

(as of 12/31/2025)
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Fund (NAV)
6.77
6.73
7.57
-1.70
3.78
5.75
6.97
0.90
2.52
4.86
Benchmark
7.22
6.69
8.86
-3.07
3.24
5.44
8.69
1.34
3.64
8.46
Morningstar
7.82
7.63
12.08
-10.09
4.77
4.91
12.62
-2.59
6.47
13.30

Past performance is no guarantee of future results. Does not include sales charges, and assumes reinvestment of dividends and capital gains.

Growth of $10,000

Growth of a $10,000 investment

Data is unavailable at this time, please check back later.
Performance and volatility metrics

Performance and volatility metrics

(as of 9/30/2026)
3 Year 5 Year 10 Year
Alpha 0.16 0.20 0.36
Beta 0.89 0.95 0.85
Information Ratio -0.99 0.00 -0.28
Sharpe Ratio 0.67 0.13 0.49
R2 0.92 0.94 0.94
Tracking Error 0.60 0.84 1.01
Standard Deviation 1.92 3.31 3.36
Upside Capture 94.66 95.77 85.87
Downside Capture 134.89 91.14 83.24

Prices, yields and distributions

Prices and trading

Closing price $25.12 10/22/2026
Day high $25.12 10/22/2026
Day low $25.04 10/22/2026
Daily volume (Shares) 1,907 10/22/2026
Premium/Discount 0.28% 10/22/2026
30-Day median bid/ask spread 0.12% 10/22/2026

Premium/Discount

Number of Days Traded At: 2025 Q1
2026 		Q2
2026 		Q3
2026 		Q4
2026
Premium - - - - 2
NAV - - - - 1
Discount - - - - 0

Distribution summary
Dividends Monthly
Capital gains Annually

Yields

Yield Statistic Date
Distribution yield - -
30-day SEC yield - -
30-day unsubsidized SEC yield - -
Yield to maturity 7.05% 9/30/2026
Yield to worst 6.80% 9/30/2026

Composition

Portfolio statistics

Portfolio statistics

(as of 9/30/2026)
Fund Benchmark
Number of Holdings 196 284
Effective Duration 1.78 1.69
Weighted Average Effective Maturity 2.34 Years 1.94 Years
AMT 0.00 -
Average Credit Rating BB BB
Credit Spread Duration 1.97 1.68

Placement within the Morningstar Fixed-Income Style Box™ is based on two variables: the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted average credit quality. The weighted average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted average credit quality is determined to be less than BBB-, medium are those less than AA- but greater or equal to BBB-, and high are those with a weighted average credit quality of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar’s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are used. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-U.S. taxable and non-U.S. domiciled fixed-income funds, static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 years and less than or equal to 6 years; and (iii) Extensive: greater than 6 years.

Credit quality

Credit quality

(as of 9/30/2026)
Type
Fund
Benchmark
AAA/Aaa
 0.18% -
AA/Aa
 1.62% -
BBB/Baa
 6.91% 0.95%
BB/Ba
 58.22% 88.33%
B/B
 30.63% 10.72%
CCC/Caa and below
 0.18% -
Not rated
 0.10% -
Cash & equivalents
 2.15% -

The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Maturity

Maturity

(as of 9/30/2026)
Maturity Range
Fund
0 - 1 year
19.05%
1 - 3 years
57.47%
3 - 5 years
19.85%
5 - 10 years
1.47%

Duration distribution is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Holdings

Top 10 holdings

(as of 9/30/2026)
Security
Fund
Discovery Global Holdings, Inc.
1.54%
GEO Group, Inc.
1.41%
Wayfair LLC
1.31%
TIBCO Software Inc.
1.25%
OneMain Finance Corporation
1.22%
SS&C Technologies, Inc.
1.20%
Churchill Downs Incorporated
1.18%
FTAI Aviation Investors LLC
1.16%
Kinetik Holdings LP
1.16%
Advance Auto Parts, Inc.
1.15%
View All Holdings
Top 10 represents 12.57% of total net assets
Portfolio composition

Portfolio composition

(as of 9/30/2026)
Credit Assets
Allocation
Benchmark
Communications
 6.78% 12.35%
Consumer cyclical
 25.73% 17.59%
Consumer non-cyclical
 2.94% 2.02%
Corporate bonds
 13.40% 21.16%
Energy
 9.85% 9.95%
Financial institutions
 22.24% 10.63%
Other (government-related, securitized, etc.)
 1.73% 0.28%
Other corporates
 13.07% 21.66%
Utilities
 4.26% 4.38%

Portfolio composition is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Our team

Meet the investment team

The team employs a sector specialist model whereby tenured investment professionals are supported by rigorous credit research to source opportunities across global fixed income markets.

View Team
Brian

Brian Keller

Portfolio Manager
Michael

Michael Schueller

Portfolio Manager

Key risks

It is possible that an active trading market for ETF shares will not develop, which may hurt your ability to buy or sell shares, particularly in times of market stress. Shares may trade at a premium or discount to their net asset value (NAV) in the secondary market. These variations may be greater when markets are volatile or subject to unusual conditions. There can be no assurance that active trading markets for the shares will develop or be maintained by market makers or authorized participants. Shares of the ETFs are not redeemable with the ETF other than in creation unit aggregations. Instead, investors must buy or sell the ETF shares in the secondary market at market price (not NAV) through a broker-dealer. In doing so, the investor may incur brokerage commissions and may pay more than NAV when buying and may receive less than NAV when selling. All investing involves risk, including the possible loss of principal. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the fund and its share price can be sudden and unpredictable. High yield securities and junk bonds have a greater risk of default and tend to be more volatile than higher rated securities with similar maturities. Consult the fund’s prospectus for additional information on these and other risks.

Contact us

We look forward to helping you with your investment needs

 

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The Allspring Funds and Allspring Funds Management have received an exemptive order from the Securities and Exchange Commission permitting a Fund to offer mutual fund share classes and an exchange-traded share class that operates as an ETF. Under this structure, a multi-class Fund's ETF class shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the mutual fund share classes are purchased and redeemed at the applicable net asset value next determined after receipt of the order. Because all of the classes of a multi-class Fund are based on the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. In addition, shareholders of the mutual fund share classes and ETF class of a multi-class Fund will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. For additional information regarding these differences, please see the applicable multi-class Fund’s prospectus.

  
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Alpha measures the excess return of an investment vehicle, such as a mutual fund, relative to the return of its benchmark, given its level of risk.

Diversification does not ensure or guarantee better performance and cannot eliminate the risk of investment losses.

Allspring ETFs are not available for distribution outside of the United States.