FWIW....No advice from here for short term traders...but here are my three high yield bond fund holdings. They are distinct and have each treated me well: RPHIX (and RPHYX), CBLDX, and BGHIX.

I don’t own or track a single bond fund that has produced an average annual return approaching 5% over the past 5 or 10 years
Neither do I, but some posters here do track or own BGHIX / BGHAX. This fund has returned at least 5.5% annualized over the past five years.
Regardless, it's pointless to project past fixed income returns into the future. I don't know of any MMF that yielded 4% over the past several years, yet many taxable MMF now yield at least that much. Rates have risen.
Unlike CDs, you can readily sell Treasuries if you need the cash prematurely.
CDs that are purchased directly from an issuer often carry a put option. That is, you can redeem them (sell them back to the issuer) albeit with a penalty (strike price below par).
For example, you can save like a Senator via The United States Senate Federal Credit Union. It offers fixed rate share certificates (the CU equivalent of CDs) yielding more than5% for up to 3 years. Though they come with substantial loss of interest early withdrawal penalties.

It currently looks like my overall portfolio stock % per Fido will be about 65% after my once a year cash distribution has been completed at the start of 2022 (vs. about 67% in stocks at the start of 2021).
A couple of OEF updates. The Bond sleeve now includes SVARX, RCTIX, PEGAX, and ARTUX (a very new OEF with experienced managers). And, the Mixed Asset #1 portfolio sleeve has been partially updated -- holdings here are selected based on a combination of anticipated overall returns and anticipated volatility during significant market corrections. That sleeve now includes VWINX, BGHIX, PRSIX, and SUNBX (another very new OEF with experienced managers that I'm guessing makes sense to include in this sleeve.)
I don't know if it means anything. But, the total distributions from my OEF holdings were up substantially in 2021 -- perhaps as a result of OEF manager activity this year resulting from a combination of market anxiety and exuberance. The last similar annual uptick in my distributions was in 2007. And, 2008 turned out to be an eventful year!

After LOTS of screening and test driving in these areas:
Own ST/ST HY: LALDX (thanks to another poster, and that also lead me to research and own MS LBNDX) and RPHYX, both provide consistently boring, consistently positive TRs for monies awaiting a better home. IMO, these are two of, if not the very best for the job I assigned them: inch forward and don't lose me any money. RPHYX of course now closed.
Likely the next to be added to that group with similar pedigree: PFIIX/PFIAX.
Also own HY: BGHIX (owned it a while as DHHIX), VWEHX and FAGIX.
Others in ST/ST HY cat's that may come aboard: IOFIX, BUHFX, TUHYX, RCTIX.

I bought BrandwineGlobal High Yield (now BGHIX) when it was still at the Diamond Hill house (Diamond Hill HY, DHHIX) and purchased the institutional class with a low minimum (not sure exactly what it was, but sub six figures) at both vanguard and Fido. Guess they upped the minimum when BrandywineGlobal took charge.

Why not BGHIX? I've lived with this fund also HIXr years (including prior to the recent BrandwineGlobal affiliation), and its fantastic.

LMZIX is (pardon the redundancy) BrandywineGlobal Global High Yield, as opposed to BGHSX, BrandwineGlobal High Yield without the global in the fund name. Two different funds.
Fidelity charges nothing to sell TF funds. However, as Crash noted, BGHIX has got a $1M min at Fidelity and everywhere else I've looked. If you can spring for a $1M investment, I don't think you'll blink at a $49.95 TF when buying.
BGHAX is NTF with a low minimum at several brokerages, but not at Fidelity.
On a test trade: "A sales charge of up to 3.50% may apply."
https://fundresearch.fidelity.com/mutual-funds/summary/52472T734

Why not BGHIX? I've lived with this fund for years (including prior to the recent BrandwineGlobal affiliation), and its fantastic.

In this general space at this time I like WCPNX and LFLAX, and as always PIMIX (still my largest bond holding, trust earned over time even if performance is not the "best"). Going out on the HY limb I really like BGHIX, riskier but stellar.

Out of curiosity, just checked which OEF holdings contribute significantly to my bond allocation (other than RPHYX which I use as a cash substitute -- NTF at Fido so easy to sell and buy). FWIW, in high to low order:
SVARX, RCTIX, CRAAX, PTIAX, PONAX, VWINX, BGHIX, FIRNX.
SVARX was added to my portfolio about a year ago. It appears well suited to the current market environment and would probably be the bond fund I would be most interested in adding to at this point (but would need to consider it is TF at Fido).

interesting...noticed the ticker symbol for my prior link above didn't match up with BGHIX even though the name appeared on the surface to be correct.
Then read this report that indicates managers and investment strategies will remain unchanged: Diamond Hill High Yield Fund
And found this website that includes ticker symbol BGHIX for BrandywineGLOBAL - High Yield
Fund. (There was a slightly different name with a second Global following the dash symbol that was included in the incorrect link previously posted.....)

Per FIDO: BGHIX BRANDYWINEGLOBAL HIGH YIELD I
deleted link...see additional comment below...
I considered selling before the second scheduled voting date on the takeover, but have hung on and will now take a look at the combined fund composition and management.....